Nihonmachi Terrace
1615 Sutter St
San Francisco, San Francisco County, California 94109

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Funding Programs

Nihonmachi Terrace 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 Project Based Sec. 8.

Section 8

Nihonmachi Terrace has a project-based Section 8 contract. 120 of the 245 total units at the property receive Section 8 assistance. This means that 49% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on September 01, 2009 and the contract expires on August 31, 2029. The Section 8 contract rent is 143% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,412.00 for Zero Bedroom, $1,814.00 for One Bedroom, $2,289.00 for Two Bedroom, $2,987.00 for Three Bedroom, and $3,556.00 for Four Bedroom.

28% of California properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

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 2008 for $989,029 with a 10 year value of $9,890,290. The property was placed in service in 2009. 243 of 245 units at Nihonmachi Terrace are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

Overview

Nihonmachi Terrace 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).

Nihonmachi Terrace is an apartment community containing 120 rental units. The property contains 92 bedrooms and based on typical apartment occupancy limits, Nihonmachi Terrace is home to not more than 208 persons when fully occupied.

Rent Subsidies

Nihonmachi Terrace provides rental subsidies to renters. The type of subsidy provided to apartment renters in San Francisco, CA by this property is Project Based Sec. 8.

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 a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Nihonmachi Terrace contains a mix of 120 assisted studio, one, two, three, and four bedroom apartments for rent. There are 51 Studio, 53 One Bedroom, 10 Two Bedroom, 5 Three Bedroom, and 1 Four Bedroom apartments in this property. The unit mix is 43% Studio, 44% One Bedroom, 8% Two Bedroom, 4% Three Bedroom, and 1% Four Bedroom apartment rentals. The average bedroom size for Nihonmachi Terrace is 0.38.

California's 12th

Congressional District

120

Total Units

243

Tax Credit Units

120

Project Based Sec. 8 Units

143

% of Fair Market Rent

31-Aug-29

Project Based Sec. 8 Contract Expiration

Studio, One, Two, Three, and Four

Unit Mix

0.38

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data