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| Institute on Aging constructs innovative new facility The nonprofit Institute on Aging (IOA) has started construction on the Senior Campus at 3575 Geary Boulevard in San Francisco's Richmond District. The 6-story facility will be the center of operations for many of the IOA's supportive services in the community and home to 150 affordable studio, one-bedroom, and two-bedroom apartments exclusively for older adults. The project is a partnership with Bridge Housing, one of California's largest nonprofit affordable housing developers. The Senior Campus will answer an urgent need for affordable services and housing in a rapidly aging metropolitan area. Currently, one in five San Franciscans is age 60 or older, the largest proportion of older adults of any major American city. A recent report by the Department of Aging and Adult Services estimated that one-third of San Franciscans age 75 and older lives in poverty. The IOA received $41.4 million in financing for the $101 million project from Cal-Mortgage, a program of the State that funds health care facilities serving vulnerable populations. The Mayor's Office on Housing has contributed $24 million to the project to help finance the affordable housing units. The IOA has been engaged in an $18 million capital campaign in support of the Senior Campus. Over $14 million has been raised to date. The IOA anticipates opening the Senior Campus to clients and residents by the end of 2010. write your comments about the article :: © 2008 Construction News :: home page |