New Closing – Apartments at Toscano

December 16, 2021

Merritt provides $9.3 million in equity to the Housing Authority of San Luis Obispo to create 38 new units for extremely low- and very low-income families in San Luis Obispo.

Congratulations to the Housing Authority of San Luis Obispo (HASLO) on the financing closing for the Apartments at Toscano, a new construction development in San Luis Obispo. The project will contain 38 one, two, and three-bedroom units to be rented to households earning less than 30 – 60% of AMI.

Apartments at Toscano is the affordable component of the larger Toscano housing development, and the project site was transferred to the housing authority under San Luis Obispo’s inclusionary housing ordinance. The project’s future occupants will enjoy access to resources and services locally in the neighborhood, which was designated as a High Resource Opportunity Area by the state of California for providing residents access to educational opportunities, job opportunities, and economic mobility.

HASLO has been serving the SLO area since the 1960s and was designated as a “High Performer” housing authority by the US Department of Housing and Urban Development for the high-quality services it provides to tenants.

Merritt Community Capital Corporation is proud to provide $9.3 million in tax credit equity capital to create new affordable housing in San Luis Obispo County. Thank you as well to our financing partners at Pacific Western Bank, the San Luis Obispo County Housing Trust Fund, the City of San Luis Obispo, San Luis Obispo County, and HASLO. The project is expected to complete construction in 2023.

As California’s nonprofit housing tax credit syndicator, Merritt was critical to providing equity to construct this project. Merritt is proud to work with HASLO and organizations like it by providing an equity investment backed by a team dedicated to their public missions.

Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.



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