HomeMy WebLinkAbout2/18/2025 Item 6f, Rendler
Jim Rendler <rendlerjim@gmail.
To:E-mail Council Website
Cc:Michelle Pedigo
Subject:Feb 18 - 2025 City Council Meeting- Agenda Item 6.f
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February 18, 2025 City Council Meeting- Agenda Item 6.f
Good evening City Council members,
Thank you for the opportunity to speak in support of the recommendation to award $321,866 in CDBG
funds to Monterey Family Apartments. This development represents the final phase of a two-phase
project led by the San Luis Obispo Non-Profit Housing Corporation (HASLO) and The Fort Group. The first
phase, called Balay Ko on Monterey is currently under construction and will provide 55 affordable units
for seniors. The funds being considered today will support the construction of an additional 51 affordable
units.
Monterey Family will offer a mix of studio, 1, 2, and 3-bedroom rent-restricted units. The site will include
community space, on-site laundry, and a playground. Ideally located near transportation, groceries,
pharmacies, and shopping, the development will be staffed with on-site management and a service
coordinator. It is fully entitled and ready to begin construction as soon as the necessary funding is
secured.
A significant portion of the funding for this development will come from the Low-Income Housing Tax
Credit program, also known as LIHTC. Due to the high demand for tax credit funding across the state, the
LIHTC scoring process prioritizes developments that can leverage additional sources of funding, thereby
reducing the overall demand for tax credits. Given the competitive nature of the LIHTC process,
developments without substantial local funding commitments are unlikely to be awarded credits. To
remain competitive, we must secure funding from multiple sources. So far, we have commitments from
the State Housing and Community Development Department’s Infill Infrastructure Grant Program, the
City of San Luis Obispo, and the Housing Authority of San Luis Obispo. More is needed to ensure we
score competitively and can secure tax credits. This funding contribution from the City will help
complete our funding package and enable us to submit our application for LIHTC funding.
In closing, securing the City’s support for Monterey Family Apartments is a critical step toward
addressing the urgent need for affordable housing in our community. By approving this funding, you will
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help ensure the success of a development that will provide much-needed homes for families in San Luis
Obispo. We appreciate your consideration and commitment to supporting affordable housing
development, and we look forward to working together to make this development a reality.
Sincerely,
Jim Rendler
The Fort Group, LLC
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