In addition to eliminating blight, a Redevelopment Agency is responsible for preserving or improving the supply of affordable housing available to residents of the Project Area. Without a supply of decent, safe, sanitary, and affordable housing in a Project Area, or serving the needs of a Project Area, redevelopment will not be successful. Redevelopment Agencies are required to set-aside 20% of their annual Tax Increment revenues for the purpose of increasing, improving, or preserving the community's supply of low income housing (for households earning up to 80% of Median Income) and moderate income housing (for households earning between 80% and 120% of Median Income). Redevelopment Agencies must spend these funds for affordable housing, and they 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.
The Redevelopment Agency will set aside approximately $2.6 million for affordable housing in FY 2003-2004. Please take a look at our Affordable Housing Programs to see the extensive affordable housing activities accomplished and planned by the Santa Barbara Redevelopment Agency. The Agency has been in the vanguard among California Redevelopment Agencies in the provision of affordable housing.