PRESS RELEASE & PHOTO
FOR: PEOPLES’ SELF-HELP HOUSING
FOR: IMMEDIATE RELEASE
CONTACT: Annette Montoya (805) 540-2454 or Rochelle Rose 699-7227
$570,409 Returned to the City of Pismo Beach Affordable Housing Fund by Peoples’
Peoples’ Self-Help Housing has announced that $570,409 has been returned to the City of Pismo Beach Affordable Housing Fund as a result of construction savings realized from the development of Peoples’ Pismo Creek Bungalows.
The City of Pismo Beach originally loaned $1,657,235 in partnership and support of PSHH of the Pismo Creek Bungalow Project. The project came in substantially under budget because PSHH was able to obtain financing from the California Tax Credit Allocation Committee.
According to Peoples’ President/CEO John Fowler, “We estimated $4 million in construction costs for the first new affordable housing complex in the City of Pismo Beach at the 14-unit Pismo Creek Bungalows. Because we acted as our own general contractor and incorporated value engineering in this project, we realized $570,409 in cost savings which we have returned to the City of Pismo Beach. We are very proud that we delivered this affordable housing on time and under budget. The returned funds will increase the City’s affordable housing fund and hopefully new projects in the future.”
Pismo Creek Bungalows which opened in April 2013 is now home to 14 households who earn 30-60% of Area Median Income (AMI). It is a beautiful and well-designed project that alleviates some of the need for affordable housing in Pismo Beach. Peoples’ advocated to the State of California Tax Credit Committee to return the excess affordable housing funds to the City of Pismo Beach, instead of the State agency, where the funds could ultimately be distributed to other municipalities in California. “We are very pleased that we are able to keep the funds in the Pismo Beach community,” stated Fowler.
This 14-unit multi-family development was the first newly constructed affordable rental complex in the City of Pismo Beach. It consists of five structures, including two- and three story buildings, with community room, kitchen, laundry facility and community meeting space.
Project Owner/Sponsor: Peoples’ Self-Help Housing
Construction Manager: Bill Loar
Project Architect: Leonard J. Grant, RRM Design Group
Landscape Designer: Lief I. McKay, RRM Design Group
Financing was provided by: California Tax Credit Allocation Committee, City of Pismo Beach, Redevelopment Agency of the City of Pismo Beach, Merritt Community Capital Corporation, and Wells Fargo Bank.
Founded in 1970, PSHH is an award winning non-profit organization that develops affordable housing and community facilities for low-income households and homeownership opportunities for working families and special needs populations, such as seniors, the disabled, and the formerly homeless. With nearly 1,200 self-help homes completed and over 1,500 rental units developed, PSHH is the largest affordable housing developer on the Central Coast, with offices in Santa Barbara and San Luis Obispo. For more information on Peoples’ Self-Help Housing, visit www.pshhc.org.