Raymond James Tax Credit Funds announced that it has partnered with Citi Community Capital to provide more than $25 million in low-income housing tax credit equity for a 120-unit single-room occupancy development in San Francisco.
The $37 million project is being built on the border of the Western Addition and Hayes Valley neighborhoods by nonprofits Mercy Housing California and Community Housing Partnership on land leased from the San Francisco Redevelopment Agency.
Parcel G Apartments will target extremely low-income, homeless, or formerly homeless individuals, many of whom have mental and physical disabilities.
Nonprofit Citywide Case Management will offer a variety of supportive services for residents.
The project will have about 54,000 square feet of residential units, 3,500 square feet of retail space, and 6,400 square feet of common and social services program space. The development is scheduled to be completed in July 2011.