By Dana Bykowski
October 21, 2002

The CitiesFirst™ Nehemiah Community Reinvestment Fund closed on a $1 million loan for the completion and renovation of the Woodruff Hotel and Guild Theatre in the Oak Park community of Sacramento (CA).

Leading the redevelopment of these facilities is the St. Hope Development Corporation (SHCD), a nonprofit real estate development corporation that is lead by former NBA star Kevin Johnson. The Woodruff Hotel/Guild Theater Project will create a new combined entertainment, retail and residential facility. The proposed project includes renovating the Woodruff Hotel into a landmark mixed-use site, with a variety retail space on the ground floor and twelve affordable residential apartments on the second floor. The Guild Theater will be restored to its original glamour and will be used as a 220seat movie theater.

"The revitalization of the community of Oak Park is key to the continued growth of the Sacramento valley region. We firmly believe that the Woodruff Hotel/Guild Theatre Project is an important component of the community's rebirth," said a spokesperson for Sacramento Mayor Heather Fargo. To date, this is the largest investment that CitiesFirst™ NCRF has made in any mixed —use facility and remain dedicated to the mission of ensuring that all urban communities thrive.

"The St. Hope Community Development Corporation is a true anchor in the community and the NCRF will continue to support them in their efforts to bring economic empowerment to the regions," said President and CEO of Nehemiah, Scott Sphax. The community development staff of CitiesFirst™ is excited to be such an integral part of this project as this has been an investment commitment of the CitiesFirst™ NCRF (Nehemiah Community Reinvestment Fund) since 2000.

"The St. Hope Development Corporation and Nehemiah Corporation share the same vision of being catalyst for urban wealth creation while rebuilding communities," said former NBA star and current president of the St. Hope Development Corporation, Kevin Johnson. "We thank the CitiesFirst™/Nehemiah Community Reinvestment fund for their ongoing support and we look forward to maintaining our strong working relationship."

The completion of this project is scheduled for February 2003. For more information about CitiesFirst™ please visit www.cities1st.org.