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November 2,
2009 Marvin Gardens is a 24 unit apartment complex for seniors and the handicapped near Orcutt Road and Laurel Lane in the City of San Luis Obispo. The complex is owned by a limited partnership called Laurel Creek Apartments (LCA). The San Luis Obispo Non-Profit Housing Corporation (SLONP) is the general partner of LCA. The Housing Authority of the City of San Luis Obispo (HASLO) manages the units.
The HTF provided a $350,000 loan to LCA that will provide SLONP and HASLO time to restructure the project's ownership and secure the needed financing. Our loan paid off the existing financing, which had a balloon payment. The HTF's oan is amortized over five years so SLONP and HASLO can wait until the financial crisis is over to complete the buy out. Additional
photographs of the project are online at
Marvin Gardens Slideshow. |
Marvin
Gardens was built 15 years ago using Low Income Housing Tax Credits. The
project’s tax benefits have expired and SLONP now has an option to buy
out the tax credit investors. Unfortunately, buy outs such as this are
currently very difficult to structure due to the global financial crisis
and the state budget crisis.|
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(c) 2004-9 San Luis Obispo County Housing Trust Fund - Privacy Policy - This page was last updated on 11/13/2009