Affordable Home Philosophy

The Cabrillo Economic Development Corporation is a leading developer and manager of affordable home communities in Ventura and Santa Barbara counties. Affordable homes, which used to be referred to as affordable housing, is defined today more by its cost rather than by its design or ownership status. Affordable homes today are defined as affordable when an individual or family pays no more than 30% of their total income on housing costs, including rent or mortgage, and utilities. This definition of affordable is a holistic way of looking at the economic picture of an individual or family because it takes into consideration that people have other essential expenses including food, clothing, healthcare, education, transportation and other essential costs of living. A home is considered affordable if it meets this 30% test.

Affordable home communities also refer to housing developments that are affordable to people who have very low, low or moderate incomes. The definition of these income levels is set by the U.S. Department of Housing and Urban Development (HUD) as a percent of the Area Median Income (AMI) and varies from region to region by household size. You can find a description of HUD's income levels and corresponding household sizes on the California Department of Housing and Community Development's website.

Through the development of affordable homes, both ownership and rental, CEDC fulfills a tremendous housing need throughout Ventura and Santa Barbara counties. Recognizing that affordable homes are intrinsically tied to quality of life, we work to foster many business, community and government collaborations to make affordable homes possible. Why? Because we believe that affordable homes stimulate economic and environmental vitality, and help to form an equitable and diverse community.

Not only are our housing developments affordable, they are also functionally and aesthetically designed to enhance their surrounding communities. By working to revitalize neighborhoods, CEDC creates environments that encourage working families and individuals to dream, succeed and flourish. We promote and sponsor resident and homeowner programs that nurture financial stability and leadership development, and work to keep our communities safe, beautiful, and rich in cultural and educational resources.

At the same time, CEDC empowers individuals through a variety of education and leadership resources. Our homebuyer workshops, financial counseling services and accessible loan products give deserving families and individuals the tools they need to secure quality, affordable homes.