Two prominent nonprofit developers, EAH Housing and BRIDGE Housing, have completed an extensive rehabilitation of a 60-unit property in San Rafael, California.
EAH Housing initially developed Centertown Apartments in 1992 with BRIDGE Housing. The two organizations began renovation efforts at the community about two years ago, with a focus on the rehabilitation of the building envelope, including the windows, roof, and siding. The developers implemented substantial seismic and Americans with Disabilities Act upgrades, as well as a new entry access system and energy-efficient interior and exterior lighting. Residents can also enjoy access to a new community building on the first level of the property’s courtyard and an outdoor gathering space.
The five-story development provides 60 units comprising one-, two-, and three-bedroom units available to families and individuals earning between 30% and 60% of the area median income. The residences are arranged around the central two-level landscaped courtyard and include a mix of flats and townhouses.
“This celebration shows the power of our collective will to strengthen communities and improve the lives of residents,” said Ken Lombard, president and CEO of BRIDGE Housing. “Quality affordable housing options improve communities for everyone, and we’re proud to partner with EAH Housing and our funding partners to ensure residents of Centertown have a firm foundation to build their lives here in San Rafael.”
Adult education, health and wellness, and other skill-building classes will be offered as part of the resident services program. Future plans include offering food bank deliveries to residents at the property.
“In the heart of San Rafael, Centertown will not only offer affordable homes but also serve as a foundation for stability and growth,” said EAH Housing CEO Laura Hall. “Collaboration has the power to transform communities, and the partnership between EAH Housing and BRIDGE Housing for the rehabilitation exemplifies this transformative spirit. This development stands as a testament to the power of partnership, resilience, and our shared vision of a brighter future for all."
About $13 million in rehab work was done at the property, with funding provided by the city of San Rafael, Marin County, the state Department of Housing and Community Development (HCD), the National Affordable Housing Trust, and Umpqua Bank.
The property had existing HCD financing that was originally made pre-1999, so it was eligible for refinancing through HCD’s Loan Portfolio Restructuring (LPR) program. The eligibility for LPR also made the property eligible to apply under the preservation pool for tax-exempt bonds at the California Debt Limit Allocation Committee, reported officials.
In addition, the county recast its existing loans and provided $950,000 in new HOME funding, and the city worked to restructure the ground lease terms and allowed financing of accrued ground lease payments due.
TWM Architects + Planners was responsible for overseeing the architectural plans for Centertown’s renovations.