NeighborWorks Capital closed a predevelopment loan with Peoples’ Self-Help Housing Corporation (PSHH) in April 2020. This loan will assist with the acquisition of approximately 10 acres of vacant land in Santa Barbara County, California. This land will be used for a new construction affordable multifamily project of 75 apartments (including the manager’s apartment). Along with these apartments, a community center building, two playgrounds, half basketball court, community garden, barbecues with covered seating, and landscaped walkways connecting the buildings and community areas will also be constructed.
As 10,000 people a day turn 65 in the U.S., the need for