Mom’s
Construction start: 3/18/2011
Completion: March 2012
421-425 East Cota Street, Santa Barbara
Very Low and Low Income Large Family, Acquisition/Rehabilitation,
New Construction
16 Units, 9% LIHTC, Redevelopment, HOME funding
$9,200,000 Total Project Cost
Architect: Christine Pierron and Mark Weinke
Serving as initial Housing Consultant through July 2010, Frank Thompson assisted the project sponsor, Transition House, to conceive the financing plan and obtain a construction and permanent loan commitment from Montecito Bank and Trust and necessary City loan funding for the Mom’s project. The project involving a sale/ leaseback of the existing Transition House offices and 8 existing apartments on the second floor at 425 East Cota, and the development of a new infant day care center and 8 very low income apartments for graduates from homelessness at 421 East Cota Street. Trancy Taylor and Horizon Development Consulting completed the sale of the Low Income Housing Tax Credits and closing of the construction loan. The residents of the new units will benefit from the many services provided by Transition House and its service partners, many in the immediate neighborhood, as well as very low rents. The new buildings will exceed Title 24 energy requirements and will include solar electric generation.