Earlier this year, Beacon Development Group successfully obtained rental subsidies from the U.S. Department of Housing and Urban Development (HUD) for affordable housing residents who were facing a rent increase.
Orest Dolyniuk, development director at Beacon Development Group, led the charge on behalf of residents of Judson Terrace Homes, our affordable housing community in San Luis Obispo, California. He spent the better part of 2019 working with HUD to approve our application for these vouchers, which arrived in January 2020.
“Judson Terrace Homes was the first opportunity we had to pursue an additional rental subsidy, and getting the vouchers and the subsidy for current and future residents is one of the most impactful ways we could assist our residents,” said Orest.
“When the vouchers came through, they were manna from heaven,” said Mary Leizear, a Judson Terraces home resident since 2007. “I was growing increasingly concerned, and I was fairly certain and had nightmares that at some point my rent would go up and I was going to be kicked out.”
The community, originally built in 1970, completed renovations this past January. Improvements included new appliances in the apartments, energy-efficient upgrades, including new windows, and new roofs on all eleven buildings that make up the community.
Beacon Development began planning for the renovation and refinancing of the community in February 2018. The process included obtaining funding by securing tax-exempt bonds and four-percent low income housing tax credits. As part of the refinancing process, rental increases would have impacted the community’s residents if not for the subsidies acquired by Beacon. The refinancing is part of HumanGood’s commitment to preserve the community’s affordability status as originally established when it was built. The renovation project extends Judson Terrace Homes’ affordable housing status another 55 years.
“At times, people think of developers as being solely focused on the financial structure of the deal,” said Cindy Proctor, vice president of Beacon Development Group. “Orest’s tenacity and perseverance for the vouchers reflects the compassion and empathy he and all of the development team possess.”
Ancel Romero, president of HumanGood’s affordable housing, signed the contract with the city of San Luis Obispo’s housing authority for the vouchers, resulting in 92 apartments receiving subsidies.