Public, Society Benefit

San Luis Obispo County Housing Trust Fund

Housing for All

San Luis Obispo, CA   |  www.slochtf.org

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 info

2003

Executive Director

Mr. Thomas J. Sherman

Main address

71 Zaca Lane Suite 130

San Luis Obispo, CA 93401 USA

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EIN

13-4243257

Cause area (NTEE code) info

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

Fund Raising and/or Fund Distribution (L12)

Management & Technical Assistance (L02)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

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

Housing Project Financing

We offers loans to help finance predevelopment, acquisition, development, rehabilitation and/or construction costs for affordable rental and ownership housing projects in San Luis Obispo County, California. We also offer technical assistance for the sponsors of affordable housing projects. Both non-profit and for-profit developers, nonprofit service organizations and local governmental agencies are eligible for our financing and technical assistance. Approximately $2 million is currently available to finance affordable housing projects. The loan amount and terms are based on the number and targeting of the affordable units in the project.  See our website for details:  www.slochtf.org/loans.htm(http://www.slochtf.org/loans.htm) .

Population(s) Served
General/Unspecified

Where we work

Awards

Innovation Award 2004

United Way of San Luis Obispo County

Charting impact

SOURCE: Self-reported by organization

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

What is the organization aiming to accomplish?

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.<br/><br/>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.<br/><br/>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. <br/><br/>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.<br/><br/>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.<br/><br/>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.<br/><br/>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.<br/><br/>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.<br/><br/>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.

Financials

San Luis Obispo County Housing Trust Fund
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Operations

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

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San Luis Obispo County Housing Trust Fund

Board of directors
as of 1/28/2020
SOURCE: Self-reported by organization
Board chair

Mr. Clarence Cabreros

SESLOC Credit Union

Term: 2018 - 2019

Lenny Grant

RRM Design

Clarence Cabreros

SESLOC Credit Union

Marianne Kennedy

Retired - formerly Women's Shelter Program of San Luis Obispo

Jeff Eckles

small businessman

Grant Robbins

Robbins Reed

Victoria Relva

MGR Private Capital & Real Estate Group

Hemalata Dandekar, PhD

California Polytechnic State University

Joe Hoeflich

Tri-Counties Regional Center

Keywords

CDFI, nonprofit loan fund, affordable housing