SANTA BARBARA , Calif. – A new report shows solutions for housing affordability include collaboration between several sectors. They include philanthropic, political and private sources.
A 40-person advisory committee was brought together by the Santa Barbara Foundation (SBF) to develop a report called Housing Affordability for Santa Barbara County.
It identified solutions that include grants and investments in four areas: Public Will, Financing Sources, Land Use and Housing Innovations.
Cassandra Benjamin with csb Philanthropic Solutions said, “everyone said the number one thing was you needed to align your public and political will.” Bringing multiple funding and decision making sources together is essential. “That isn’t in one single entity now here and it is one of the ways you can draw more resources from the state and elsewhere, ” said Benjamin.
In a presentation, among those to join the discussion were housing and community leaders along with California State Senator Monique Limon (D-19th District). She said there are many funding sources to help affordable housing projects that were “shovel ready” to complete financing and start important developments that were either lower income units or vital work force housing.
The state says it has funds to help certain projects. Developers need to ask, “Have we figured out the bulk of the financing ? If the state comes in with a portion is it going to be ready to go? We are not going to have to wait another year another three to four years to make it happen,” said Limon.
That’s where developers, grants and philanthropy could come together on financing.
While the government has built affordable housing on small sites, the report showed some clear issues between these projects and single family homes.
It’s the missing middle housing including townhouses, duplex buildings and the live-work concepts.
What’s needed it says is a united effort of public, private, and philanthropic efforts in place now to make these projects easier to build.
The SBF is showing its support with $10-million over five years in the form of pledges, grants and investments throughout Santa Barbara County.
Santa Barbara Foundation President Jackie Carrera said, “a low interest loan that helps a project, expedites it and get it off the ground maybe fill that piece of financing that mission and also that would be paid back when it converts to a construction loan.”
One of the projects using a combination of funding sources including philanthropic capital will be announced soon in Santa Maria. Another project is also in line with this combination financing plan in Santa Barbara.
“It’s been more about gathering resources and trying to find ways to make smart projects move faster,” said Limon.
Philanthropic funding could also be used in the form of low interest loans with a payback to not only get a project going but also to keep the funding base for other loans sustainable.
The SBF is also looking for new partners who are interested in future projects with pledges, grants and pooling funds.
Limon said a real-life example of the housing problem is the 30,000 workers a day who commute from out of the county to the Santa Barbara and Goleta area daily. They are primarily coming from Ventura County up Highway 101 in what generally ends up being about an extra two hours a day in total commute times.
The commuters are coming from areas that are cheaper to live in. Rental costs are staggering. The report says the hourly wage to afford the average monthly rent in Santa Barbara County is now at $47.06. The hourly wage for all workers is well below that at $29.82 and hour.
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