Ceatrice Polite Apartments was developed and operates with Federal housing financing.
The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants.
These programs are Low Income Housing Tax Credit and Section 202.
The property was developed with funding through the HUD Section 202 program which provides funding for housing for seniors
who are 62 or older. The program provided both capital financing to construct the property and operating subsidies
that work as rental assistance like the Section 8 program.
Ceatrice Polite Apartments is among only 490† Section 202 properties
in California and 6,166† in the country.
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program.
This program incentivizes investors to inject capital into rental apartments for lower income Americans.
The property received a tax credit allocation in 2005 for $638,936 with a 10 year value of $6,389,360.
The property was placed in service in 2006.
90 of 91
units at Ceatrice Polite Apartments are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was located in
a Qualified Census Tract qualifying it for additional tax credit financing.
Ceatrice Polite Apartments is an affordable apartment community located in San Francisco, California
which is located in San Francisco County.
The property is located in California's 12th Congressional
District served by Representative Nancy Pelosi (D),
Senator Kamala Harris (D) and Senator Dianne Feinstein (D).
Ceatrice Polite Apartments is an apartment community containing 91 rental units.
This property serves seniors. The property contains 48 bedrooms and based on typical apartment occupancy limits, Ceatrice Polite Apartments
is home to not more than 117† persons when fully occupied.
Ceatrice Polite Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in San Francisco, CA by this property is Section 202 Rental Assistance.
This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays
the difference. To qualify, a renter must earn 50% or less of the Area Median Income.
There is no minimum rent at this property for residents receiving a rent subsidy but
in recent years, there has been discussions in Congress to implement a minimum rent in the
Section 202 Program to reduce cost burden on the Federal budget.
Ceatrice Polite Apartments contains a mix of 91 assisted
studio, one, and two bedroom apartments for rent. There are 44 Studio, 46 One Bedroom, and 1 Two Bedroom apartments in this property. The unit mix is 48% Studio, 51% One Bedroom, and 1% Two Bedroom apartment rentals. The average bedroom size for Ceatrice Polite Apartments is 0.53.