The CMFA issues $4,536,902 in Bonds to the Peoples’ Self-Help Housing Corporation for The Village at Los Carneros Apartments located in Goleta, California
The Village at Los Carneros is a new construction project of a 70-unit affordable multi-family rental development located in the City of Goleta, California. The project is located on a three-acre parcel and is one component of a planned residential development that will include 465 homes, including single-family detached, townhomes, and market-rate apartments. The three-acre parcel is being donated to People’s Self Help Housing (“PSHHC”) pursuant to a development agreement in which the private developer, Comstock Homes, will meet their affordable housing inclusionary requirements by donating PSHHC a fully-entitled, buildable super pad upon which PSHHC will finance and construct 70 affordable apartments. Thirteen of the units will be available to households earning up to 50% of Area Median Income and 56 to Households earning up to 60% of AMI; one unit will be for an on-site property manager. This financing will create 69 units of high quality, affordable housing for households in the City of Goleta for the next 55 years.