Affordable housing could soon be going up on Schoolhouse Lane in Cambria after facing years of challenges.
“Oh, I think it has to happen, should’ve happened a long time ago," said Brent Hopkins, Cambria resident, about affordable housing in Cambria. "Has to happen everywhere."
Ken Trigueiro, People’s Self-Help Housing (PSHH) CEO and President, said that this has been their longest project after buying the property back in 2006.
“It was appealed a couple of times to different jurisdictional bodies, but all those approvals have been obtained now and we’re really only working on financing now,” Triguerio said.
The Cambria Community Services District extended its water "intent to serve" for three years, giving them more time to come up with the funding to break ground.
The total price of the project over the years is estimated to be about $30 million. PSHH has the majority of that funding but is looking for the final $10 million.
Triguerio says they’ve received funds from different organizations, such as $2 million from the local Housing Trust Fund of San Luis Obispo and $7 million from the State of California.
Now, the last step is getting a private equity investor to invest in tax credits.
“We compete for those and one of the ways we compete for them are by having a lot of local resources already committed. That’s why we’re in a pretty strong position right now," Triguerio said.
Hopkins has been a Cambria resident for nearly 40 years. He said he’s seen a change in housing affordability over that time.
“We were able to afford to purchase a home and live here," Hopkins said. "If we had to do it now, we wouldn’t be able to.”
Hopkins said his wife owns a local store and above it they rent to a family, but even that can be pricey.
"We really don’t have a choice, as the landlords, but to charge that. The water is very expensive here. All the prices are very, very expensive,” he said.
Trigueiro says the Cambria Pines Project will serve households that earn 30% to 60% of the area median income, projecting rent to be between $500 and $1,700, depending on unit size.
There will be 33 units that include one, two or three bedrooms. Trigueiro says they hope to have the project completed within the next three years.
