A groundbreaking ceremony was held in downtown Pismo Beach recently to celebrate the city’s first low-income housing project.
The Pismo Creek Bungalows project at 360 Park Ave. will feature a 14-unit rental complex, laundry facilities, onsite parking and a common area for tenants.
The project is a partnership between Pismo Beach and People’s Self-Help Housing, which will manage the property after construction is complete in October 2012.
The agency also designed the $4.3 million project and will construct the low-to-moderate-income housing units downtown, where officials gathered for a groundbreaking Nov. 15.
Units only will be rented to individuals earning 30 percent to 50 percent of the area’s median income, which varies based on family size, according to People’s Self-Help Housing.
Additionally, first priority for the units will be given to individuals who work downtown, and second priority will go to Pismo Beach residents.
Pismo’s Redevelopment Agency purchased property in 2009 and selected People’s Self-Help Housing last year to fund, manage and develop an affordable-housing project at the site.
The property was purchased with money from the city’s inclusionary housing fund, which developers can pay into rather than building affordable units within their projects.
Part of the development agreement between Pismo and People’s Self-Help Housing includes selling the Park Avenue parcel to the housing agency for $1 million.