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Villa Santa Fe Apartments II

Villa Santa Fe Apartments II was part of a multi-million dollar rehabilitation and financial repositioning of two senior apartment complexes owned by the Housing Authority – Villa Santa Fe Apartments I (formerly known as SHIFCO) and Villa Santa Fe Apartments II (formerly known as Villa La Cumbre). Transforming these two properties involved changing the ownership structure and conducting substantial physical rehabilitation, which was completed in 2014.

Through extensive collaboration, Villa Santa Fe I gave 60 units a new 50+ year life in service to low-income seniors in Santa Barbara.

The Villa Santa Fe Development Team included:

  • Housing Authority of the City of Santa Barbara (Landowner and Developer)
  • 2nd Story Associates (Managing General Partner and Housing Authority non-profit affiliate)
  • Garden Court, Inc. (Co-General Partner and Housing Authority non-profit affiliate)
  • Union Bank (Equity Investor-Low Income Housing Tax Credit Investor)
  • DH&G LLC (Developer’s Consultant)
  • Kantor Taylor Nelson Evatt & Decina PC (Tax Credit & FHA Loan Counsel)
  • Bellwether Enterprises (Lender)
  • Price, Postel & Parma (HA General Counsel)
  • Quint & Thimmig LLP (Bond Counsel)
  • Citi (Bond Purchaser)
  • Fidelity National Title Company
  • Department of Housing and Urban Development
  • MoveGreen

Amenities

  • on-site management
  • laundry hook-ups in units and laundry facilities
  • community room with kitchen
  • community computer with internet access
  • garages

Income Targeting

UNITS INCOME LIMIT RENT
6060% AMI $52,500/1 person, $60,000/2 people$1215
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