Tiburon Place
Overview
| Deal Type |
Construction |
|---|---|
| Size |
$53 Million 4% bond LIHTC and State Housing Equity |
Summary
Tiburon Place is a new construction, affordable housing development that will serve low-income family households and homeless households with serious mental illnesses. Located in San Luis Obispo (SLO), CA, the property consists of two three-story residential buildings, one community center, and 69 carport parking spaces, situated on a 2.11-acre of land. The residential buildings will house 68 units with a mix of 18 studios, 24 one-bedroom, and 25 two-bedroom, units at an average of 572 square feet.
Tiburon will offer units for individuals and/or families that fall within the 25%, 30%, 40%, 50%, and 60% AMI income levels. The former, served at the 25% and 30% AMI levels, are part of California’s permanent supportive housing program which helps to service homeless individuals, those prone to homelessness, and those with mental illness. CA HCD provided $6.4 million through No Place Like Home and the City and County of SLO provided just under $2 million.
KeyBank Community Development Lending and Investment (CDLI) provided $30.3 million in construction and perm debt and $23 million in federal and state housing equity.
The primary philosophy shaping this project is the ‘Housing First’ approach, based on the principle that only with a secure living environment can health and life stability occur. In addition to providing permanent housing, behavioral health treatment, case management, and other services are provided that will help households stabilize and maintain their housing. Services are provided through a coordinated entry system by Transitions Mental Health of SL along with SLO Housing Now Program and County of SLO Behavioral Health Dept.
The project is sponsored by People’s Self-Help Housing Corp (PSHHC), the largest nonprofit housing developer on California’s Central Coast, with a mission to build affordable homes that offer opportunities to change lives and strengthen communities throughout San Luis Obispo, Santa Barbara, and Ventura counties. The architectural firm is CSA architects.
