Speaker of the House Nancy Pelosi (D-CA) recently joined residents and neighbors in celebrating the preservation of 245 affordable apartments at Nihonmachi Terrace in the Japantown neighborhood of San Francisco. The seven building property, buitl in the mid-1970s, is currently undergoing $25 million in renovations that will include energy-efficiency enhancements and structural improvements and he rehab is scheduled to be completed in the fall of 2010. Nihonmachi Terrace sits on a little more than 2 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 the senior residents.
"Due to the strong support of community friends like Speaker Pelosi, Nihonmachi Terrace will continue to be a home for some of Japantown’s most vulnerable residents," said Will Tsukamoto, president of the Board of Directors, Japanese American Religious Federation Housing, Inc. "The rebuilding of this property strengthens the commitment to our neighborhood and the health and well-being of its citizens."
The rehabilitation includes replacement of all roofs, landscape upgrades, Americans with Disability Act (ADA) upgrades, extensive upgrades and repairs to unit interiors, window replacement, building waterproofing, elevator modernization, life safety systems retrofit, exterior re-painting, security upgrades and a renovation of office and common areas. During the process, efforts will be made to ensure the selection and installation of non- toxic, energy saving and recycled materials. Energy efficient enhancements to the buildings include Energy Star appliances installed in the apartments, upgrades to electrical systems and existing boilers, dual pane window installation, installation of water conserving plumbing fixtures and equipment, use of zero VOC interior paints, selection of energy conserving light fixtures and the installation of a new cogeneration, or combined heat and power (CHP), system that will generate electricity while harvesting heat for reuse.
The San Francisco Redevelopment Authority (SFRA) 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. (JARF) 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.
"Citi is delighted to participate in such an important project, which will preserve quality, safe and affordable housing for San Francisco’s seniors and families," said Rebecca Macieira-Kaufmann, President of Citibank California. "Our construction and permanent loan will enable much-needed renovation of this important housing community and help protect its long-term viability."
