DEAL OF THE DAY: CalHFA Commits $9.6M to Preserve Affordable Senior Housing Complex in San Francisco

By Anuradha Kher, Online News EditorSan Francisco–The California Housing Finance Agency (CalHFA) Board of Directors has approved $9.6 million in long-term loans to Alexis Apartments, an affordable housing complex in downtown San Francisco. The loan will allow the owners of the building to maintain affordable rents and serve senior citizens with household incomes at or below 80 percent of the area median income (AMI). A vast majority of the seniors, who are currently and will continue to reside in the complex, have household incomes below 50 percent of the AMI.The money will go toward renovations of Alexis Apartments, which currently houses over 206 low-income senior citizens. Built 1973, the apartment complex consists of two interconnected 14-story high-rise towers, separated by an enclosed parking garage on the ground level. Each tower contains 103 units and is connected on the second floor by common areas including exercise room, computer room, reading room, and dining/community room with a full-service kitchen. The complex is located in the south of Market District on the northwest corner of 5th and Clementina Streets.The building will undergo complete renovation, including replacement of exterior windows, upgrading of mechanical systems, repair of roofing and exterior painting. The kitchens and bathrooms will be replaced with new lighting and flooring and the electrical and safety equipment will be updated. The work is scheduled to begin in February 2008 and is expected to be completed by August 2009.CalHFA’s Multifamily Division has invested $1.4 billion for the construction and preservation of more than 33,000 affordable rental housing units to assist very low and low-income Californians.