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The Chamber extends its thanks to the Monterey Bay Economic Partnership and Housing Santa Cruz County for sharing this news for the community, via their recent newsletter and HSCC press release page: The California Tax Credit Allocation Committee (CTCAC) delivered $16 million in annual federal fire recovery tax credits to Santa Cruz County, allowing the construction of 397 affordable housing units in Santa Cruz, Live Oak, and Watsonville to break ground this year. The $160 million investment over 10 years will facilitate permanent affordable housing opportunities for thousands of residents. In 2020, 22 California counties were ravaged by wildfires, and Santa Cruz County lost nearly 1,000 homes in the CZU Lightning Fire, all within its unincorporated area. As part of the state’s recovery plan, CTCAC allocated over $80 million in annual federal fire recovery tax credits to those counties, including $12 million to Santa Cruz County in 2021. An additional $4 million was allocated this year, which permitted the county’s entire shovel-ready affordable housing pipeline to leverage local investments and start construction.? Six affordable communities in Santa Cruz County started construction in May and June, totaling 397 apartments. These include communities developed by MidPen Housing and Eden Housing, Pacific Housing, and For the Future Housing, Inc.: 1500 Capitola Road Housing in Live Oak, 57 apartments for families (MidPen Housing) Miles Lane in Watsonville, 72 apartments for families (MidPen Housing) Pippin Orchards Phase II in Watsonville, 80 apartments for families (MidPen Housing) 1482 Freedom in Watsonville, 53 apartments (Eden Housing) Calvary Church – Cedar St. in Santa Cruz, 65 apartments (Pacific Housing, Inc.) The funding from the CTCAC through the annual federal fire recovery tax credits is one of many funding options that must be secured to cobble together the full package of funds to make a project work. For those brave women and men in the affordable housing, workforce housing and home development space, my hats off to you for finding the resources so projects like these are primed for construction. One major project in Santa Cruz faces an arsenal of opposition via a ballot measure — the Downtown Library & Affordable Housing Project. I won’t go into more detail here as we have written about this project extensively, and discussed it in committee meetings and at public forums for the past six years. The Santa Cruz County Chamber came out in opposition to the ballot measure earlier this year. I just want to carefully point out that the tax credits, federal fund allocations, state funds and a host of other funds earmarked for this project are nearly $6 million and counting. If the Ballot Measure — Our Downtown Our Future — is passed by the city voters, all those funds will vanish in the blink of an eye. We have a choice to move forward with a modern library, an affordable housing project, a childcare facility and adequate parking to replace the parking we will lose to other housing projects in our downtown. I encourage you to join and support the people who want a vibrant downtown for our future: https://www.santacruz4realsolutions.com.
The Chamber extends its thanks to the Monterey Bay Economic Partnership and Housing Santa Cruz County for sharing this news for the community, via their recent newsletter and HSCC press release page:
The California Tax Credit Allocation Committee (CTCAC) delivered $16 million in annual federal fire recovery tax credits to Santa Cruz County, allowing the construction of 397 affordable housing units in Santa Cruz, Live Oak, and Watsonville to break ground this year. The $160 million investment over 10 years will facilitate permanent affordable housing opportunities for thousands of residents.
In 2020, 22 California counties were ravaged by wildfires, and Santa Cruz County lost nearly 1,000 homes in the CZU Lightning Fire, all within its unincorporated area. As part of the state’s recovery plan, CTCAC allocated over $80 million in annual federal fire recovery tax credits to those counties, including $12 million to Santa Cruz County in 2021. An additional $4 million was allocated this year, which permitted the county’s entire shovel-ready affordable housing pipeline to leverage local investments and start construction.? Six affordable communities in Santa Cruz County started construction in May and June, totaling 397 apartments. These include communities developed by MidPen Housing and Eden Housing, Pacific Housing, and For the Future Housing, Inc.:
The funding from the CTCAC through the annual federal fire recovery tax credits is one of many funding options that must be secured to cobble together the full package of funds to make a project work. For those brave women and men in the affordable housing, workforce housing and home development space, my hats off to you for finding the resources so projects like these are primed for construction.
One major project in Santa Cruz faces an arsenal of opposition via a ballot measure — the Downtown Library & Affordable Housing Project. I won’t go into more detail here as we have written about this project extensively, and discussed it in committee meetings and at public forums for the past six years. The Santa Cruz County Chamber came out in opposition to the ballot measure earlier this year.
I just want to carefully point out that the tax credits, federal fund allocations, state funds and a host of other funds earmarked for this project are nearly $6 million and counting. If the Ballot Measure — Our Downtown Our Future — is passed by the city voters, all those funds will vanish in the blink of an eye. We have a choice to move forward with a modern library, an affordable housing project, a childcare facility and adequate parking to replace the parking we will lose to other housing projects in our downtown. I encourage you to join and support the people who want a vibrant downtown for our future: https://www.santacruz4realsolutions.com.