KeyBank Provides $53.2M Financing for Tiburon Affordable Housing Development in San Luis Obispo, California
SAN LUIS OBISPO, CALIF. — KeyBank Community Development Lending and Investment has provided $53.2 million in financing for the development of Tiburon, an affordable multifamily property in San Luis Obispo. KeyBank provided a $28 million construction loan and a $2.3 million permanent loan, as well as $22.9 million in low-income housing and state housing tax credit equity, to People’s Self Help Housing, a San Luis Obispo-based affordable housing development and management company.
Situated on 2.1 acres, Tiburon will feature 68 units in a mix of studio, one- and two-bedroom units spread across two three-story residential buildings with a community center. The units are designated for individuals and families within the 25, 30, 40, 50 and 60 percent area median income levels. The units at 25 percent and 30 percent are part of California’s permanent supportive housing program, helping to serve unhoused individuals and those who may be prone to homelessness.
The development will receive support from the California Department of Housing and Community Development, which awarded the project $6.4 million in funding under the California No Place Like Home Program. Additionally, the city and county of San Luis Obispo provided $1.1 million of funding.
Transitions Mental Health of San Luis Obispo will provide tenants with vouchers for services through a coordinated entry system. The San Luis Obispo Housing Now program, a county-funded permanent supportive housing program, will provide the programs. The County of San Luis Obispo Behavioral Health Department will provide additional supportive services for a 20-year period and will pay the costs of these services through a combination of Medi-Cal, Mental Health Services Act and general funding sources.
Matthew Haas and Greg Deeks of KeyBank structured the debt financing, with Becca Ickowicz and Kortney Brown of KeyBank on the LIHTC and state equity side.