The CMFA issues $25,544,000 in Bonds to the Peoples’ Self-Help Housing Corporation for the Villa La Esperanza Apartments located in Goleta, California
The Villa La Esperanza Apartments project is an acquisition/rehabilitation of an existing 75-unit project that will be creating eight additional units of affordable multifamily rental housing. The Project was constructed in 1970 and consists of 19 residential buildings, a community building, and 121 parking spaces. The project will include substantial rehabilitation that includes expansion of the community building and the conversion/addition of eight additional units. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. This project was originally financed with a HUD 236 loan and 4% tax credits. Rents will be restricted to households with incomes no greater than 60% of the area median income.