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River Walk Terrace

River Walk Terrace is a proposed age restricted (62 years of age and older) residential low-income housing community located in Paso Robles, CA. The development is a partnership between AHDC and Paso Robles Housing Authority and will consist of 79 total units, including one manager’s unit with a mix of 70 one-bedroom units and 9 two-bedroom units ranging in square footage from approximately 650 to 850 square feet. 100% of the units will be rent restricted to individuals with incomes ranging from 30%-60% of the Area Median Income (AMI).

The proposed development is located on an approximately 4.21 vacant parcel at the south western corner of a large commercial shopping center known as Woodland Plaza II. Major retail tenants consist of Wal-Mart, Kohl’s, Big Five Sporting Goods, McDonalds and several other retail-oriented businesses and fast-food restaurants. The vacant parcel was recently re-zoned from commercial to Mixed Use by the City as part of the 2020-2028 City of Paso Robles Housing Element that has been approved by the State of California. This rezone provides the appropriate zoning for the proposed senior development. Based on the development plan, River Walk Terrace is consistent with the goals established by the City’s approved Housing Element to enable residential uses at this site. Residents will be in close proximity to shopping and other services including public transit, thereby reducing vehicle miles traveled.

River Walk Terrace received all entitlement approvals from the City of Paso Robles in February 2021. Anticipated sources of financing include 9% low-income housing tax credits, in addition to already committed County of San Luis Obispo HOME Funds, San Luis Obispo County Local Housing Trust Funds, a deferred impact fee loan from the City of Paso Robles and a loan from the Paso Robles Housing Authority. Currently the development is applying for additional financing and anticipates a start of construction in late 2023.

Project Type

Under Development

Units

79

Location

Paso Robles, CA

Year

Estimated Start of Construction 2023