Feb 3, 2023 |
Developer Novin Development Corp. Service Provider Trinity Center Leasing Criteria Yearly leasing term only Pet friendly Assigned parking included Property Management TBD Development Type Three-story, Affordable Housing Preservation Site Area 1.5 Acres Density 47 units/acre Development Profile Total of 71 residential units, including: 39 units of 1BR @ 470 sf 25 units of 2BR @ 627 sf 7 units of 3BR @ 762 sf Amenities Onsite parking, outdoor community gathering spot and outdoor pool Service Offered Case management Peer support services Substance use services Employment services Education services Resident Profile Individuals earning up to 80% AMI, including those who are homeless or at risk of homelessness Funders Enterprise through Kaiser’s Thriving Communities Fund Freddie Mac The Post Apartments provides 71 affordable rental units to individuals earning up to 80% of the area median income in a mixed-income, integrated community. Additionally, 20% of the units are dedicated to the Special Needs population, who receive services from Trinity Center, a local nonprofit that removes barriers to stable housing through compassionate services, education, shelter, and advocacy. Funding includes $10,327,500 in equity from Enterprise in partnership with Kaiser’s Healthy Housing Program, and a $14,564,000 loan from Freddie Mac. Kaiser’s Healthy Housing Program requires Novin Development Corp. (NDC) to conduct an annual resident survey to assess the quality of the Post Apartments and resident satisfaction. The survey data is used to guide NDC’s efforts in providing the most effective support for those living in the community. Through FPI Management, the community is staffed by a dedicated onsite team to provide residents with comprehensive services. The Post Apartments is located near AC Transit, Sunvalley Mall,...
Feb 3, 2023 |
Developer Novin Development Corp., Lincoln Avenue Capital Leasing Criteria Pet friendly Assigned surface parking included Property Management FPI Management Development Type Preservation, multi-story Site Area 1.07 Acres Density 50 units/acre Development Profile Total of 53 residential units, including: 21 units of 1BR @ 600 sf 9 units of 1BR @ 583 sf 6 units of 1BR @ 524 sf 17 units of 2BR @ 728 sf Amenities Swimming pool Resident Profile Households earning at or below 80% AMI (workforce housing) Funders City of Alameda Community Development Block Grant National Equity Funds Surfside Apartments, in partnership with Lincoln Ave Capital, addresses the need for affordable housing for the workforce in Alameda, CA. With 36 one-bedroom and 17 two-bedroom units, Novin Development Corp.’s goal is to bridge the gap for the missing middle in Alameda, CA by restricting units to those earning no more than 80% AMI, which would be $78,550 in 2023. Funding for this project includes $15,700,000 from the National Equity Fund, which is powered by LISC in partnership with Morgan Stanley. The National Equity Fund focuses on creating collaborative and innovative financial solutions to fund preservation sites. In addition, this project received $265,000 from the City of Alameda’s Community Development Block Grant and $162 ,000 capital contribution from Lincoln Ave Capital. The community is conveniently located near multiple open spaces, such as the Robert W. Crown State Memorial Beach, Ballena Bay, and Encinal Beach. Additionally, Surfside is within walking distance to Paden Middle School and a short drive to the Alameda Seaplane, that allows a quick and safe ferry to travel to San Francisco. ...
Feb 3, 2023 |
Developer Novin Development Corp., San Francisco Housing Development Corporation Date Built 1907 Property Management FPI Management Development Type Preservation, multi story Building Area 2,590-square foot Development Profile Total of 4 units, including: 4 units of 2BR Amenities Multiple dining and shops nearby Nearby parks Accessible muni lines and close proximity to Civic Center UN Plaza BART Station Resident Profile Households earning at or below 50% AMI. Funders San Francisco Housing Accelerator Fund Mayor’s Office for Housing and Community Development 528 Natoma Street, located in the heart of San Francisco’s South of Market (SoMa) neighborhood, is a critical example of community-driven preservation through the City’s Small Sites Program (SSP). Led by SFHDC in partnership with Novin Development, the project secured a 1907-era building that had fallen into foreclosure and disrepair, stabilizing it to prevent the displacement of long-term tenants. The building’s preservation is especially meaningful in SoMa, a neighborhood with deep cultural ties to San Francisco’s Filipino and Tagalog-speaking communities. Before acquisition, the property faced serious habitability issues including plumbing failures, rodent infestations, and multiple code violations. Tenants, many of whom are Tagalog-speaking families, organized with the support of community-based groups such as West Bay Pilipino Multi-Service Center and SOMA Pilipinas. Their advocacy led to the building’s inclusion in the SSP, allowing for its acquisition and long-term protection as affordable housing rooted in cultural and community identity. Renovations were completed in November 2023 by Blackline Construction, guided by a Capital Needs Assessment that identified critical improvements. The work included unit upgrades, new electrical systems, roof repairs, and exterior restoration. These improvements enhanced quality of life for residents and preserved four...
Feb 3, 2023 |
Developer Novin Development Corp., San Francisco Housing Development Corporation Date Built 1923 Leasing Criteria 650+ credit score Income of 2.5x the tenant rent Section 8 voucher holders are welcome Rental history and income verifications Property Management 2B Living Development Type Preservation, multi story Site Area 0.08 Acres Density 412 units/acre Development Profile Total of 33 units, including: 31 units of studios @ 450 sf 2 commercial units Amenities Multiple dining options Nearby parks Accessible muni lines and close proximity to Powell BART Station Resident Profile Households earning at or below 80% AMI (workforce housing) Funders San Francisco Housing Accelerator Fund Mayor’s Office for Housing and Community Development 936 – 940 Geary St. is a 33-unit rehabilitation project in the Tenderloin of San Francisco. Included in those 33 units are two commercial units and 31 studio units. Upon acquisition, the building was 58% occupied and we enacted a relocation plan within the building to ensure all residents had a unit to live in during rehabilitation. Considered the largest Small Sites Preservation in the program’s history, Novin Development has partnered up with the San Francisco Housing Development Corporation. Additionally, this project has received $9,868,250 in funding from San Francisco Housing Accelerator Fund and $12,191,685 from the Mayor’s Office for Housing and Community Development. Our partner, San Francisco Housing Development Corp (SFHDC), is a mission-driven organization focused on fostering “…financial opportunity and stability through the development of affordable housing” through the revitalization of various neighborhoods in San Francisco. The community is conveniently located next to the Geary and Larkin St. bus stop, serving lines 19 and 38, as well as walking distance...
