The possibility of owning a condo in Goleta’s new Hideaway Bungalows community was so enticing that nearly 100 people filed applications to buy one of 10 income-restricted units.
Now, between 80 and 90 applicants will wait to see results of a lottery drawing this Friday.
The deadline for families with a gross household income of at least $41,049 — but no more than $131,940 — to submit an application during a six-week period came and went last Wednesday while construction continued at the 7900 Hollister Ave. condominium community.
“It was kind of more than we expected,” said Victor Honma at the Housing Authority. “Initially, we didn’t think we were going to get a real big response because of the pricing of the property.”
The Hideaway Bungalows was approved in 2009 with 101 units, including duplex, triplex and single-family homes near Sandpiper Golf Club and Bacara Resort & Spa in western Goleta. Prices range from $637,000 for two-bedroom, two-bath units in triplexes to up to $1 million for a four-bedroom, detached single-family home.
Through the program, affordable housing includes five studio units for moderate-income households with an estimated maximum sales price of $252,939 (aimed at households earning 80 percent to 120 percent of median income).
Three one-bedroom units for above-moderate income households have an estimated maximum sales price of $458,780 (households earning 121 percent to 200 percent of the median income), and two two-bedroom units for above-moderate income households have an estimated maximum sales price of $517, 575.
Final sales prices will be based on the actual purchaser’s gross household income and size, along with interest rates at time of sale.
Honma said most applicants fell right in the middle of the required income range, although he was still processing paperwork to determine whether some were incomplete or ineligible.
More than 90 percent of applicants already live somewhere on the South Coast, he said, with a few outliers in Ventura or Los Angeles, and demographics varied.
He guessed historically high rental rates helped attract interest in buying.
“People are just looking at all their alternatives,” Honma said. “It’s the perfect storm of high rent and very low availability. I’m really sorry we can’t do one of these every year. There are so many commuters that we’re trying to attract.”
The public lottery will take place at 6 p.m. Friday at the Housing Authority, at which time the first 20 selected will be asked to certify their income.
Soon after, applicants should find out whether they qualify and if the unit they want is available.
“There’s quite a few hoops they still have to jump through,” Honma said.