A Central Coast nonprofit group on Friday broke ground on a $7.4 million affordable housing complex in Templeton that will provide homes for qualifying low-income residents.
Peoples’ Self-Help Housing is preparing to start construction on Rolling Hills II, a 30-unit complex to be built on the 1000 block of Las Tablas Road. The housing will be built on 2 acres on the site of Rolling Hills I, a 53-unit facility the group purchased and renovated in 2010, according to Ken Trigueiro, vice president and CFO.
Rolling Hills II will offer four one-bedroom apartments, 16 two-bedrooms and 10 three-bedrooms and could house as many as 80 residents, Trigueiro said. The complex is being paid for by a variety of sources, including the San Luis Obispo County, Wells Fargo and a low-income housing tax credit investor. It’s expected to be finished by March 2018, Trigueiro said.
The facility will house residents with income levels between 30 percent and 60 percent of the area median income, Trigueiro said. San Luis Obispo County’s area household median income is $76,400, according to 2016 data from the U.S. Department of Housing and Urban Development.
Using HUD’s income brackets, a family of four earning $24,300 per year would be making about 30 percent of the area median income. A family of the same size earning $45,840 would be making 60 percent of the area median income.
Trigueiro said eight of the 30 units will be reserved for Section 8 residents, who earn 50 percent or less of the area median income and have a portion of their rents subsidized by the federal government. Rents for the remaining 28 units are kept lower than market rate because the complex’s funding stream prevents the nonprofit group from shouldering a big mortgage, so residents are only paying for Rolling Hills’ upkeep.
“Our goal is to keep it at the affordable rents,” Trigueiro said.