Pelosi Helps Celebrate Housing Project
Speaker of the House Nancy Pelosi was on hand yesterday as officials began the renovation and preservation of a 245-unit affordable housing development in San Francisco's Japantown neighborhood.
Originally built in the 1970s, the seven-building Nihonmachi Terrace is undergoing a sweeping $25 million renovation that will include energy-efficiency enhancements and structural improvements. The work is scheduled to be completed in 2010.
The San Francisco Redevelopment Authority issued $26 million in tax-exempt bonds that were purchased by Citi. Enterprise Community Investment, Inc., syndicated $8.1 million in low-income housing tax credit equity. Additional funding was provided 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 a predevelopment loan. The John Stewart Co., co-general partner, is coordinating the construction work and will manage the property.
Originally built in the 1970s, the seven-building Nihonmachi Terrace is undergoing a sweeping $25 million renovation that will include energy-efficiency enhancements and structural improvements. The work is scheduled to be completed in 2010.
The San Francisco Redevelopment Authority issued $26 million in tax-exempt bonds that were purchased by Citi. Enterprise Community Investment, Inc., syndicated $8.1 million in low-income housing tax credit equity. Additional funding was provided 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 a predevelopment loan. The John Stewart Co., co-general partner, is coordinating the construction work and will manage the property.
posted by Donna Kimura at 9:30 AM
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