Developers detail affordable housing proposals for Balboa Reservoir – by m_barba

Developers have released competing plans to replace parking spaces with hundreds of units of affordable housing at one of the last empty plots of publically owned land in San Francisco.

Three teams of developers proposed building between 340 and 623 units of affordable housing at the Balboa Reservoir, 17-acres of land that is currently home to a parking lot for City College of San Francisco.

City officials wanted a developer who could build homes for a wide range of income earners and designate at least half of the units as affordable housing, while also including enough parking spaces for City College students.

Continue Reading Below



Three finalists in the process released their proposals to the public at a meeting June 10, each designating 15 percent of the total units for moderate-income earners and 18 percent for low-income earners.

The developers were allowed to set the remaining 17 percent of units at different levels of affordability below 150 percent of the area median income, which was $121,050 for one person this year.

AvalonBay Communities and BRIDGE Housing Corp. would build 550 affordable homes, including 80 homes for rent at 55 percent of the area median income, 24 condos for sale at 105 percent of AMI and 83 homes for rent at 120 percent of AMI.

“At least 50 percent of the homes that we build will have two bedrooms or more, so we’re hoping to attract or retain a lot of San Francisco families,” Joe Kirchofer, vice president of AvalonBay, said at the meeting.

Related California, working with developers including the nonprofit Tenderloin Neighborhood Development Corp., would build 340 units of affordable housing, selling 116 of them at 80 percent, 120 percent and 150 percent of AMI.

William Witte, chairman and CEO of Related California, said at the meeting that 55 of the affordable units would be designated for public school teachers or City College faculty.

Mercy Housing and the…

Read the full article from the Source…

Leave a Reply