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Affordable Housing
The Redevelopment Agency is responsible for preserving and improving the supply of affordable housing in the Isla Vista Project Area. The Agency is required to set-aside 20% of its annual Tax Increment revenues for affordable housing. These funds may be spent on such activities as land or building acquisition, new construction, rehabilitation, onsite or offsite improvements, and grants or loans to providers or purchasers of affordable housing.
In 2007, the Agency funded the acquisition and rehabilitation of two adjacent 10-unit apartment buildings in Isla Vista for affordable housing; 6688 Picasso Road and 6682 Picasso Road. The sites were acquired by the Housing Authority of the County of Santa Barbara, who will oversee the rehabilitation and long term site management.
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