The new South Hills Crossing development is providing 43 families with an affordable place to live in the high-priced housing market of San Luis Obispo, Calif.
Developed by ROEM Corp. in partnership with the Housing Authority of San Luis Obispo (HASLO), the $14.1 million property recently celebrated its grand opening.
“San Luis Obispo County has been consistently ranked as one of the least affordable housing markets in California,” Alex Sanchez, ROEM executive vice president, told Affordable Housing Finance. “Based on the fair market rent for a two-bedroom apartment here, the National Low Income Housing Coalition recently labeled it California’s 17th least affordable county. So ROEM is delighted to have provided 43 new permanently affordable homes in order for families to continue to live and work here.”
South Hills Crossing is affordable to households earning no more than 60% of the area median income. Designed by KTGY Architecture + Planning, the development consists of three buildings in a contemporary mix of urban-industrial and craftsman-style architecture with 43 one-, two- and three-bedroom units. In step with the recreational opportunities in the community, the development boasts a bike storage structure for 44 bicycles (one per unit) in addition to providing 66 surface parking spaces and four motorcycle spaces.
“South Hills Crossing could not be better located,” Sanchez said. “It’s in San Luis Obispo’s service-rich downtown core, where residents have easy access to transit, grocery stores, schools, doctor offices, restaurants, and parks. In addition to providing every unit with bike storage to encourage bike usage, all residents will be eligible for transit passes.”
Currently pursuing LEED Platinum certification, ROEM incorporated a number of green features designed to ensure long-term energy efficiency and sustainability, including both solar thermal and common-area photovoltaic systems; energy-efficient windows; and natural ventilation with low-volatile organic compound (VOC) paints and sealants. Low-VOC carpeting, pads, and adhesives, and Energy Star appliances and water-efficient fixtures also were installed.
South Hills Crossing is financed with 9% low-income housing tax credits and solar tax credits, with additional financial support from the city and county of San Luis Obispo, HASLO, San Luis Obispo County Housing Trust Fund, Citi Community Capital, and AEGON Group. The general contractor is ROEM Builders.
“Aegon is excited to play a part in providing 43 critically needed new housing units to the residents of San Luis Obispo,” said Gary Howe, director, Aegon USA Realty Advisors, in a statement, noting that this is AEGON’s eighth investment with ROEM.