After months of delays, the $26 million, 80-unit Vista Del Oro apartment complex should be finished by October, providing subsidized housing for San Benito farmworkers.
The apartments, ranging from one to three bedrooms, will be restricted to low-income farmworkers.
The Pacific Companies, which also is building the 242-unit Alexander Station Apartments in Gilroy, will develop and own the project, but will hand off management duties to Buckingham Properties of Fresno once construction is completed.
According to a 2016 report from the California Tax Credit Allocation Committee, Vista de Oro received $1,672,801 in annual federal tax credits and $5,676,005 in total state tax credits to finance the construction of the project. Federal funding from the USDA comes from the Multi-Family Housing and Section 514/516 Farm Labor Housing programs, which were developed to support affordable rental housing for rural areas.
Vista de Oro also receives rental assistance from the U.S. Department of Agriculture for farm workers. Rents, according to the California Tax Credit Allocation Committee document, will be based on the applicant’s income compared to the area’s median income.
Applicants who earn 50 percent of the 2015 median income in San Benito County would pay $698 a month for a one-bedroom apartment, $838 a month for a two-bedroom and $968 a month for a three-bedroom unit.
Vista de Oro’s five buildings will have 16 one-bedroom, 40 two-bedroom and 24 three-bedroom units.
The project, at 1480 San Juan Road on eight acres of land, was approved by the Hollister City Council by a unanimous 4-0 vote on Nov. 19, 2015.
Vista de Oro, with all costs added, will cost $26,096,798 to build. The highest cost is for construction, $16,181,740, followed by land and acquisition costs, $1,905,000, along with a developer fee of $2,000,000.
Building costs for Vista de Oro are $326,210 per unit or $213 per square foot.
According to city documents, parking spaces are allocated based on the size of the units: 1½ spots for one- or two-bedroom units, plus one guest spot for every four units, adding up to 140 parking spots.