San Francisco has partnered with AllianceNRG / Deutche Bank to offer a full-service, public financing option for mandatory and voluntary soft-story retrofit projects. This offer extends to every property owner who has been screened into a mandatory soft-story program.
- Finances 100% of the project cost up to 15% of property value.
- Sets a 30-year repayment term with fixed interest rates.
- Bases financing approval on the property value and not on the credit of the property owner.
- Leaves any applicable federal and state rebates and tax credits with the property owner.
- Structures payments through the tax bill of the property.
- Transfers the assessment to the new property owner upon sale.
Apply for the AllianceNRG / Deutche Bank financing package Here.
Private financing options are also available.
- A list of lenders who participated in the ESIP soft-story financing workshop is Here.
- The SF Fire Credit Union has a soft-story financing page Here.
PASS-THROUGH OF RETROFIT COST TO TENANTS
The cost of mandatory retrofit work can be passed through to the tenants occupying the building, regardless of rent-control status.
- San Francisco Rent Board Topic No. 39, Special Rules for Seismic Work states that “100% of the capital improvement cost may be passed through to the tenants, regardless of the number of units in the property. Such increases are subject to an annual limitation of $30.00 or 10% of the tenant’s petition base rent, whichever is greater. The amortization period for this work is 20 years”.
- Capital improvement pass-through must be discontinued at the end of the amortization period.
The capital-improvement petition can be found Here.
Article by City Structural, Inc. (www.citystructural.com)