The Rona Barrett Foundation is campaigning to make up a $400,000 funding shortfall for the construction of a $32 million affordable senior living and residential care facility, foundation officials said.
If the funds are not raised by Feb. 28, the nonprofit foundation will forfeit $23 million in state tax credits needed for construction of the Golden Inn & Village.
Despite the deadline, Barrett said she is optimistic that the foundation will not only meet the fundraising goal, but exceed it.
“I don’t know how to say it, but we will go ahead and somehow the foundation will be able to cover that $800,000. I don’t know when, but we’re going to cover it,” Barrett said. “There are so many people interested in making sure this project gets done.”
The foundation has identified several donors, Barrett said.
The project, spearheaded by senior citizen-advocate Rona Barrett and billed as the Santa Ynez Valley’s first affordable senior living and residential care facility, is set to break ground in March after more than a decade of planning.
Plans for the 120-unit complex include independent, assisted living and memory care facilities on one campus to be constructed at the corner of Refugio Road and Highway 246.
“This project will not only provide housing and vital support services to its community members but will go a long way to making our future brighter by helping so many seniors access quality, affordable retirement,” 24th District Congresswoman Lois Capps said in an emailed statement about the project.
Retaining tax credits allocated by the California Tax Credit Allocation Committee of the State Treasurer’s office relies upon the foundation’s successful completion of fundraising, pulling building permits and “being totally prepared,” Barrett said.
“What’s challenging is you start a 180 calendar day ticking clock to where you have to have everything ready to go,” John Polanskey, director of housing development for the Housing Authority of Santa Barbara County said in January. “It’s a very unforgiving deadline.”
Once an applicant misses the 180-day deadline, it is difficult to reapply, Polanskey said.
Every day, the foundation receives small checks and cash for $5, $10, and $20, Barrett said.
“We’ve received some really nice support from the community. Some people have a funny sense of humor, so somebody sent a wonderful little check for $18, so it’s been that kind of a situation going on,” Barrett said.
