Project Basics
Location
Santa Barbara, CA
MSQUARED ROLE
Acquisition
NUMBER OF UNITS
112
PROJECT TYPE
Mixed-income, Mixed-Use
Project Details
Location
Santa Barbara, CA
PROJECT TYPE
Mixed-income, Mixed-Use
MSQUARED ROLE
Acquisition
NUMBER OF UNITS
112
Project Overview
MSquared has partnered with The Turner Foundation, a Santa Barbara, CA, based nonprofit, to recapitalize and preserve two mixed-income housing complexes in Santa Barbara’s Westside neighborhood. MSquared’s investment allows the Turner Foundation, to retain ownership of the 112 units of housing and execute improvements and energy efficiency upgrades at both properties.
The 112 unit portfolio is a critical affordable housing resource in a housing market where 62% of renters are rent burdened.
Impact
Affordability
The Village and The Lighthouse will preserve a total of 78 units affordable to households earning up to 60% of AMI, which is equivalent to $97,560 for a 4-person household, ensuring long-term affordability in one of the most expensive housing markets in the country.
Sustainability
MSquared’s investment will enable the Turner Foundation to implement energy efficiency upgrades at both properties.
Diversity
The project’s sponsor, the Turner Foundation, is a locally based nonprofit that will provide on-site services in the properties’ community centers. In addition, the mix of unit sizes allows the properties to serve a range of households.
