SLO Affordable

South Street Family Apartments

By Leah Etling on Mar 25, 2015 in News

A groundbreaking ceremony was held last week for South Street Family Apartments, 43 new, sustainable apartment homes for workforce families in the city of San Luis Obispo, Calif. The homes are a project of the Housing Authority of San Luis Obispo (HASLO), a Yardi client; and builder ROEM Corporation. It was designed by KTGY Group Inc.

“HASLO is very pleased to be part of this very complex public-private partnership that addresses the Central Coast’s workforce housing need,” said Scott Smith, Executive Director of HASLO. “The result is a permanent affordable housing resource available to the San Luis Obispo community. The affordability and location close to jobs are ideal. Reduced job commutes will enhance quality of life, and affordable rents will enable family investment in other essentials like education, healthcare and quality childcare. We look forward to seeing hundreds of lives flourish at the South Street Apartments community.”

South Street Family Apartments will offer 43 affordable apartment homes, including one manager’s unit, and will be available to families with annual incomes at or below 60% of the San Luis Obispo County Area Median Income (AMI). South Street Family Apartments will feature one, two and three bedroom rental homes with unit sizes ranging from approximately 570 square feet to 1,010 square feet.  Construction duration is tentatively set for 15 months. Estimated construction completion is spring 2016.

Affordable housing options are limited on California’s Central Coast, and workforce housing is in high demand. HASLO assists 3,000 families per month, on average, with finding and retaining affordable housing. A recent survey indicated that 88 percent of employees, and 83 percent of employers, perceived locating affordable housing in the region as a difficult challenge.

HASLO is ranked as a “higher performer” by HUD, and in 2014 was one of 19 organizations nationally that received an Award of Excellence from the National Association of Housing and Redevelopment Officials.

Located on a 1.53-acre urban infill site in downtown San Luis Obispo, the $14.1 million South Street Family Apartments development will provide a sustainable community for its residents while enhancing the existing neighborhood. The building’s contemporary mix of urban-industrial and craftsman-style architectures will complement the South Street corridor location, not far from downtown. Amenities will include a community room with a kitchen, a laundry facility, a homework center, a courtyard area with a barbecue, an outdoor playground, and bike storage room for residents.

“The City of San Luis Obispo is proud to be a supportive partner in this much needed 100% affordable housing development. We recognize the significant shortage of affordable housing in our community and look forward to the completion and addition of these apartments to our housing inventory,” said City Councilman Dan Carpenter, who was on the City Council when the development was approved in 2011. “Many families will benefit from this joint venture between ROEM and HASLO, and we look forward to future collaborative efforts that will contribute to our ongoing housing goals.”

South Street Family Apartments will be constructed using sustainable building methods and will incorporate a number of ‘green’ features designed to ensure its long-term energy-efficiency and sustainability. Along with complying with CALGreen Building Codes, South Street Family Apartments will pursue USGBC’s LEED-H Gold certification, by incorporating the following:

• Installing Solar Thermal and Photovoltaic Systems;
• Appropriately using water through water efficient irrigation systems and drought-tolerant landscaping, installing water saving flow restrictors and high efficiency fixtures;
• Utilizing natural ventilation, low VOC paints and sealants, and CRI Green-label low-VOC carpeting, pads and adhesives; and
• Installing Energy Star appliances and very high-energy efficient fixtures and fittings.

South Street Family Apartments is financed with 9% Low-Income Housing Tax Credits with financial support from the City of San Luis Obispo, Citi Community Capital, and AEGON Group.

“We’re excited to see this project kick off and we’re proud to be part of this initiative,” said Jay Abeywardena, Director of Citi Community. “This transaction will play a pivotal role in helping expand affordable housing in the City of San Luis Obispo.”

The project has received financial support from a variety of sources. The Housing Authority of San Luis Obispo has provided $1,080,000 in project funds. The City and the County of San Luis Obispo have provided a combined total of $1,286,708 in federal funds from the Department of Housing and Urban Development. Construction financing will come primarily from Citibank. Permanent financing will be supported by tax credit financing and loans from Citibank.