Local officials celebrated Thursday the completion of 70 new apartments called Oak Park 2 — the second phase of a project to provide affordable housing in Paso Robles.
Under the four-phase project, 148 units of old housing on the city’s west side are being torn down and replaced with about 300 new units. The affordable housing project is developed and managed by the Paso Robles Housing Authority and the Monterey County Housing Authority Development Corp.
Oak Park 2 targets very low- and low-income families making between 30 and 60 percent of the area median income. According to information from the California Tax Credit Allocation Committee, the 2015 area median income for a family of four in San Luis Obispo County is $77,100.
The second phase included the demolition of 46 units and the reconstruction of 70 new units, according to David Cooke, executive director of the Paso Robles Housing Authority.
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The site has solar carports to offset electricity used in the common and tenant areas. The project also includes recreation spaces such as a soccer field, basketball court, walking paths, benches and barbecue areas. Phase two included the construction of a new community center, where the Paso Robles Housing Authority offers a youth program for residents and the local community.
Construction on this phase of the project started in December 2014 and was completed in February, Cooke said. He said he expects the new homes to be fully leased by the end of June — more than 250 applications have been received for phase two alone.
Residents who lived in the areas affected by the latest construction were temporarily relocated and had the first rights to return if they met the income qualifications, Cooke said.
The second phase of the project cost about $27 million, Cooke estimated, adding that it was the largest phase due to the addition of the recreational activities and community center. He said he anticipates the entire project to cost about $100 million.
Oak Park 2 has many sources of funding, Cooke said. The primary equity source is the Low Income Housing Tax Credit program, with Wells Fargo as the primary investor and partner.
Cooke hopes phase three will begin around December 2017. While timing largely depends on when the project gets funding, the entire project could be completed by the end of 2018.
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