Through ingenuity and tenacity,
the Housing Authority of the County of Santa Barbara salvaged
$500,000 in Community Development Block Grant (CDBG) funds originally targeted to build 12 public
housing units and leveraged those with $700,000 in HOME funds to
produce 118 large family apartments for eligible low income families
in the difficult to develop south coast region of Santa Barbara
County.
Positano exemplifies the positive
contribution to the affordable housing community which can be
attained when interested entities join to form partnerships. A
complicated financing package and complex deal structuring was
successfully negotiated between nine separate business entities (the
Housing Authority, County of Santa Barbara , AMCAL Affordable
Communities, State of California Department of Housing and Community
Development, HUD, Santa Barbara Community Housing Corporation,
Edison Housing Investments, Union Bank, and California Community
Reinvestment Corporation).