$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 $1.6 million in partnership and support of PSHH of the Pismo Creek Bungalows Project. The project came in substantially under budget because PSHH was able to obtain financing from the California Tax Credit Allocation Committee.
“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,” said John Fowler, Peoples’ president and CEO. “Because we acted as our own general contractor and incorporated value engineering in this project, we realized $570,409 in cost savings that 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 percent to 60 percent 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,” Fowler said.
The 14-unit multifamily 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.
Click here for more information about Peoples’ Self-Help Housing.
— Rochelle Rose is fund development director at Peoples’ Self-Help Housing.