Nine affordably priced units at Estancia will be raffled off on August 9
–UPDATE–
The City of Santa Barbara released the list of lottery participants for the affordable units at the “Estancia” Luxury Townhouse in Santa Barbara on Monday.
The City says they received about 820 application for the nine affordable units. Nine pages of eligible names have been posted on the City’s website. A City representative says some applications were rejected if the person already owned residential property.
The lottery drawing will be held on Thursday, August 9, 2018, at 9:30 a.m. at the David Gebhard Meeting Room located at 630 Garden Street, Santa Barbara. Attendance is not required and results will be posted online on August 13.
A preference will be given to applicants that live or work in the South Coast area of Santa Barbara County. Two lotteries will be conducted to determine a sequential ranking of applicants.
All of the applicants that live or work in the South Coast area will be drawn in the first lottery. The applicant first drawn has the first opportunity to be fully qualified to purchase and shall get first selection of a unit. All of the applicants that do not work or live in the South Coast area will be drawn in the second lottery and will be numbered after the last name drawn from the first lottery. As names are drawn, they will be numbered sequentially.
For the participant lottery list, click here.
–ORIGINAL STORY–
“Estancia” Luxury Townhouse in Santa Barbara held an open house on Saturday, July 14. Nine people will get a chance to move in move in at an affordable price, almost 75% off.
More than a thousand people have registered, and now are waiting to find out if they’ve won a lottery and get to live in one of Santa Barbara’s hottest new developments.
“We purchased the property back in April of 2015 and we have now completed 38 homes and about half of the development and tomorrow is the grand opening to the public,” said John Schuck, Estancia developer.
The development is located at 3714 State Street. Almost all of the luxury townhomes start at Just over $1 million dollars, but nine units will go for a lot less.
“For a 2-bedroom affordable is $315,000 and for a three bedroom is $360,000,” said Schuck.
Almost any other property in town would cost at least double that amount. And while these units have the same floor plans, appliances and finishes are basic in the affordable units. Even with less luxury, nine families will get to live in some of the best affordable housing anywhere. Those on the lottery list must meet low-income requirements.
“A one-person household buying a two bedroom, I think the minimum income is around $70-thousand, for a 5 person household you would buy a three bedroom unit and I think your minimum income is about $90-thousand,” said Schuck.
The nine units will stay affordable. Rules prevent any property flipping.
The nine units will be raffled off on August 9.
