The Housing Authority of the City of Santa Barbara (HACSB) will hold a groundbreaking ceremony for Jacaranda Court, a new 63-unit affordable rental community. The event will be 11 a.m. Monday, Dec. 15 at 400 W. Carrillo St., Santa Barbara, site of the future housing project.

Jacaranda Court offers critical housing designed to serve Santa Barbara’s workforce and moderate-income residents, often referred to as the “missing middle” (households that earn too much to qualify for traditional low-income housing yet are priced out of market-rate rentals), HACSB said.

“This development represents a key partnership with the city, transforming an under-utilized parking lot into much-needed homes,” HACSB said.

Jacaranda Court will replace a city-owned commuter parking lot with workforce housing. The three- to four-story building will include 21 studios, 37 one-bedroom units, and 5 two-bedroom units.

Seven apartments will be reserved for low-income households with Section 8 project-based vouchers, while the remaining units will serve moderate-income residents under long-term income and rent restrictions secured by a 90-year affordability covenant.

The estimated $44.8 million development will be financed through a combination of HACSB reserves, bonds, and multiple loans, including a $3.5 million contribution from the city’s Local Housing Trust Fund.

In addition to the loan, the city’s donation of the land (valued at more than $7 million) reflects a strong municipal commitment to expanding housing opportunities for Santa Barbara’s workforce and moderate-income families, according to HACSB.

For more, visit www.hacsb.org.