Affordable Housing Preserved in San Francisco
Committed to creating and maintaining affordable housing for seniors and families, Speaker of the House Nancy Pelosi joined residents in celebrating the preservation of 245 affordable apartments at Nihonmachi Terrace in San Francisco. The seven-building property is currently undergoing $25 million in renovations that will include energy-efficiency enhancements and structural improvements. The rehab is scheduled to be repeated in fall 2010.
Nihomachi Terrace, originally built in the mid-1970s, has been in need of significant property upgrades and improvements. The San Francisco Redevelopment Authority issued $26 million of tax-exempt bonds, which were purchased by Citi. Enterprise Community Investment syndicated $8.1 million in low-income housing tax credit (LIHTC) equity. Additional funding was supplied by the developer and managing general partner, Japanese American Religious Federation Housing, Inc. and the Federal Home Loan Bank of San Francisco. The Low Income Investment Fund provided the predevelopment construction loan. The John Stewart Company, co-general partner, is coordinating the construction management and will manage the property.
The property sits on more than two acres of land and is home to nearly 400 residents. Apartments range from studios to four bedroom townhouses that accommodate large families and also allows for aging-in-place for senior residents. Once renovation is completed, a service coordinator will be available on-site to address their specific needs—such as health, nutrition, etc.—through counseling and referral services.
The rehabilitation includes replacement of all roofs, landscape upgrades, Americans with Disability Act upgrades, repairs to unit interiors, window replacement, building weatherproofing, elevator modernization, life safety systems retrofit, exterior repainting, security upgrades, and a renovation of office and common areas. Energy-efficient enhancements to the buildings include Energy Star appliances, upgrades to electrical systems and the existing boilers, dual pane window installation, installation of water-conserving plumbing fixtures and equipment, and a combined heat and power system that will generate electricity while harvesting heat for reuse.