Public, Society Benefit

San Luis Obispo County Housing Trust Fund

San Luis Obispo, CA

Mission

Our mission is to increase the supply of affordable housing for very low, low and moderate income residents of San Luis Obispo County, including households with special needs.

Ruling Year

2003

Executive Director

Mr. Gerald L. Rioux

Main Address

71 Zaca Lane Suite 130

San Luis Obispo, CA 93401 USA

Keywords

CDFI, nonprofit loan fund, affordable housing

EIN

13-4243257

 Number

7347837298

Cause Area (NTEE Code)

Financial Institutions/Services (Non-Government Related) (W60)

Fund Raising and/or Fund Distribution (L12)

Management & Technical Assistance (L02)

IRS Filing Requirement

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Programs + Results

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Our programs

What are the organization's current programs, how do they measure success, and who do the programs serve?

SOURCE: Self-reported by organization

Housing Project Financing

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Charting Impact

Five powerful questions that require reflection about what really matters - results.

SOURCE: Self-reported by organization

What is the organization aiming to accomplish?

What are the organization's key strategies for making this happen?

What are the organization's capabilities for doing this?

How will they know if they are making progress?

What have and haven't they accomplished so far?

Assist in creating or preserving at least 50 affordable homes per year.

We provide flexible short-term financing to assist local housing projects. We fill a niche between private lenders and government housing program. We typically partner banks and/or government funders to help make projects work. We recently designed a loan product that will help local projects be more competitive for low income housing tax credits.

We also provide technical assistance to housing sponsors in areas such as real estate, financing, government subsidies, grant writing, organization development and zoning and planning.

One of our most important resources for achieving our goals is that we have raised $7.7 million in revolving loan funds. Our loan funds includes nearly $4 million in equity - grants and donations. We also have more than $3.7 million in investments and commitments from local. These funds are dedicated to financing affordable housing projects.

Our executive director has more than 35 years of experience in the affordable housing and community development field. He managed housing programs for state and local governments and a nonprofit intermediary that served the Western US. He also consulted for a number of years and has been our director since 2003. He earned a masters in urban and regional planning and was a licensed real estate broker and agent for more than 20 years. He has taught courses in both real estate and urban planning.

Our board has consistently broad experience in areas that are related to our mission and goals. It currently includes the CEO of a credit union, the former manager of a bank's commercial lending division, an architect, a developer and the executive director of a nonprofit that owns emergency shelters and transitional housing.

We have also developed partnerships with every local government in the county and most of the banks.

The primary way that we measure impact is by recording the number of units that we assist and their income targeting plus number of units that are reserved for households with special needs. We have assisted 332 affordable units to date and 103 so far in 2013. Over 40% of the units we assisted are for household that earn less than the county median income and almost 20% are for households with special needs. Most of the units we have assisted are deed restricted so that the will be affordable for at least 30 or 55 years.

In 2010 and the bottom of the housing bust, 30% of the housing starts in our county were in projects that we helped finance. Without our assistance, those units might never have ever been built.

We also measure our progress by the size of our revolving loan fund (including commitments) and the amount of equity (or net assets) that is in our loan fund. Our total loan fund and loan fund equity have grown from $0 in 2003 to $7.7 million and nearly $4 million at the present time.

Since our county is one of the least affordable housing markets in the nation for both renters and home buyers, we make no pretense of ever being able to change this fact. We simply strive to make more housing affordable for a greater number of people.

As noted earlier, we have assisted 332 affordable units to date. Over 40% of the units we assisted are for household that earn less than half of the county median income and almost 20% are for households with special needs. While our activity fluctuates from year to year, the overall trend is that we are assisting more units as time goes by. We hope to maintain this trend into the future.

Despite the recent housing crash, we have never lost one penny on our loans. A few projects that we financed were delayed, but all are moving forward. Being a prudent lender was critical as our assets grew. We will always be a prudent lender, but now that our balance sheet is fairly strong, the board has agreed to consider financing a few projects that are riskier, but important.

External Reviews

Financials

San Luis Obispo County Housing Trust Fund

Fiscal year: Jan 01 - Dec 31

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Operations

The people, governance practices, and partners that make the organization tick.

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Board Leadership Practices

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SOURCE: Self-reported by organization

BOARD ORIENTATION & EDUCATION

Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations?

Not Applicable

CEO OVERSIGHT

Has the board conducted a formal, written assessment of the chief executive within the past year?

Not Applicable

ETHICS & TRANSPARENCY

Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year?

Not Applicable

BOARD COMPOSITION

Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership?

Not Applicable

BOARD PERFORMANCE

Has the board conducted a formal, written self-assessment of its performance within the past three years?

Not Applicable