HomeMy WebLinkAbout7/17/2018 Item 11, Lewis
Purrington, Teresa
From:Donna Lewis <donnalewis@rpm-mtg.com>
Sent:Thursday, July
To:E-mail Council Website
Cc:Donna Lewis
Subject:San Luis Ranch Project & Down Payment Assistance
Dear Council,
Please accept the Planning Commission’s unanimous recommendation for the approval of the San
Luis Ranch project. As a member of the SLO Housing Summit Steering Committee and as a local
Mortgage Banker, I see firsthand, day in and day out, the struggles local families face in trying to live
where they work. San Luis Ranch is exciting in that it will provide not only much needed housing, but
a more affordable product than most other developments coming on line in this next year including
Righetti Ranch, Taylor Ranch, Noveno and Serra Meadows. All of the housing coming on line is much
needed in whatever price range it will be as it will help loosen the supply strangle hold that exists,
which has caused prices to continue to rise to unreasonably unaffordable levels for most of our
workforce. With that said, these projects will largely have product that will start in the $600’s and go
up from there which is not affordable to the majority of the workforce in SLO. Please do whatever
possible to expedite the San Luis Ranch project which will offer a more affordable product.
I also wanted to bring to your attention the need for a down payment assistance program. The first
affordable unit at Moylan Terrace, which is under an equity share deed restriction, has come on the
market and the City will receive a portion of the equity from this unit. The City’s DPA funds to date
have come for another project which had “BEGIN” funds so that when those units turn over, those
dollars go back into a “BEGIN” down payment assistance pool and can be recycled for moderate
income buyers. However, the equity share dollars as I understand it will fall back into the general
affordable housing fund and may be used for a variety of purposes and affordable projects. I would
strongly encourage the council to explore using the funds from the Equity Share agreements to
supplement down payment assistance for local moderate income residents who either work or live in
the City of SLO proper. This is the only way many buyers will ever be able to afford to purchase a
home given that rents are so high, most have a very difficult time saving for a down payment which
creates the largest barrier for entry into the housing market.
I’d love to discussion my ideas around a down payment assistance program further if any of you
wishes to do so. Thanks for reading my email and thank you for being a group so supportive of all
types of housing…you are all truly the best council we’ve had in a very long time!
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Donna Lewis
Branch Manager, Senior Loan Advisor
RPM MORTGAGE • SAN LUIS OBISPO
1065 Higuera Street, Suite 100
San Luis Obispo, CA 93401
805.783.4000 phone
805.235.0463 cell
844.496.1486 eFax
NMLS # 245945
donnalewis@rpm-mtg.com email
www.rpm-mtg.com/dlewis website
Dylan Morrow Stephanie Rodriguez
Production Partner Loan Advisor Assistant
805.212.7682 phone 805.212.7671 phone
dmorrow@rpm-mtg.com srodriguez@rpm-mtg.com
LendUS, LLC dba RPM Mortgage NMLS #1938
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