LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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Low-Income Housing Tax Credit Showcase Aging Apartments Get Rebirth in Paso Robles, Calif. A After more than 60 years of continuous use, the Oak Park Apartments in Paso Robles, Calif., needed an update. Thanks to low-income housing tax credits (LIHTCs), the housing development is being transformed into 302 affordable rental homes. “The stock of affordable housing was not meeting the demand for the community in Paso Robles and the original project was deteriorating,” said Dave Cooke, executive director of the Paso Robles Housing Authority, one of the partners of the development, as well as property manager. The four-phase development, which is slated to be completed in 2016, began with a phase that consisted of 13 buildings with four to seven rental homes each. It involved tearing down 40 of the original apartments and building 80 new affordable rental homes in their place. They included eight onebedroom, 44 two-bedroom, 26 threebedroom and two four-bedroom apartments. All are reserved for residents earning up to 60 percent of the area median income (AMI) and 32 of the 80 new rental homes are designed as project-based Section 8 housing, while 20 are reserved for farmworker families. The property opened in 1942, with 148 rental homes to house soldiers stationed at nearby Camp Roberts. After World War II ended and the demand for military housing declined, the property was converted to U.S. Department of Housing and Urban Development (HUD) low-income housing by the Paso Robles Housing Authority, with which it remained. The first phase or redevelopment included a manager’s office, a laundry facility and space for the Paso Robles LEAD DEVELOPER PASO ROBLES <strong>HOUSING</strong> AUTHORITY, MONTEREY COUNTY <strong>HOUSING</strong> AUTHORITY DEVELOPMENT CORPORATION CATEGORY FAMILIES, PRESERVING EXISTING AFFORDABLE, FARMWORKERS, GREEN DEVELOPMENT, RURAL Housing Authority to offer onsite services, including a jobs skills program for adults and a number of after-school programs for children. Outdoor amenities in the first phase included outdoor space, a picnic area with barbecues, a playground and basketball and volleyball courts. The rental homes include central air conditioning, storage space, walk-in closets, modern kitchen appliances, washing machine and dryer hookups and a patio or private deck. Those involved are proud of the development and positive about its impact. “This is a high-profile project,” said Monique Hastings, senior vice president of the Newport division of LIHTC equity investor Alliant Capital. This is just phase one of a multiphase development that replaces existing public housing and upgrades the neighborhood.” The first phase not only leased out fully, but there were 500 people on the waiting list. ; CONGRESSIONAL DISTRICT CALIFORNIA 24TH RENTAL HOMES 302 FINANCING • $16.8 million LIHTC equity investment syndicated by Alliant Capital through one of its multiinvestor funds • $3 million permanent loan from the USDA • $2.9 million seller’s note • $2.1 million permanent loan from Rabobank • $1 million loan from the City of Paso Robles • $945,580 in San Luis Obispo County HOME funds • $579,950 in other financing 30 Novogradac & Company LLP
Photos: Courtesy of Monterey County Housing Authority Development Corporation www.novoco.com 31
Page 1 and 2: LOW-INCOME HOUSING TAX CREDIT SHOWC
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About Novogradac & Company About No
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LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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