Namiki Apartments was developed and operates with Federal housing financing.
The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
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 2001 for $207,954 with a 10 year value of $2,079,540.
The property was placed in service in 2002.
33 of 34
units at Namiki 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 Difficult Development Area qualifying it for additional tax credit financing.
Namiki 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).
Namiki Apartments is an apartment community containing 34 rental units.
The property contains 35 bedrooms and based on typical apartment occupancy limits, Namiki Apartments
is home to not more than 53† persons when fully occupied.
This property does not provide any Federal rent subsidies to renters
reducing total tenant payments to 30% of their adjusted income. Renters are required to
pay the full rent, even if it is in excess of 30% of their income. In some cases the
property may accept Section 8 Housing Choice vouchers.
Namiki Apartments contains a mix of 34 assisted
one and two bedroom apartments for rent. There are 33 One Bedroom and 1 Two Bedroom apartments in this property. The unit mix is 97% One Bedroom and 3% Two Bedroom apartment rentals. The average bedroom size for Namiki Apartments is 1.03.