SAN FRANCISCO, November 14, 2018—Mayor London N. Breed and community leaders today celebrated the groundbreaking of 80 new affordable apartments in the Mission District, 20 of which will be prioritized for San Francisco families wishing to move to high-quality affordable housing under the Mayor’s HOPE SF initiative.
The 100% affordable project at 490 South Van Ness will serve households with incomes between 30% and 60% of Area Median Income, approximately $35,500 to $71,050 for a family of four. Construction is expected to be completed in the summer of 2020.
“San Francisco is in a housing shortage that is driving up rents and resulting in displacement of our low and middle-income communities across the City,” said Mayor Breed. “Projects like this one are the direct result of the City stepping up to create the affordable housing that we desperately need.”
Located in the heart of the Mission District just two blocks from 16th Street BART, the new apartments are being co-developed by BRIDGE Housing and Mission Housing Development Corporation. Residential amenities will include a community room, laundry rooms, bike parking, a courtyard, a roof garden, and resident services provided by Mission Housing. The ground floor will have a community-centered space available to residents and nonprofit organizations.
“What a massive win for the community that we are able to celebrate affordable housing on this site rather than market-rate units far beyond the reach of Mission District families,” said Supervisor Hillary Ronen. “I worked hard with my predecessor David Campos to ensure this vacant parcel would be used for the kind of housing my constituents really need.”
“The entire Mission Housing Development Corporation family is honored to break ground on our first new affording housing development in almost 15 years,” said Sam Moss, Executive Director of Mission Housing. “It’s been a long, difficult road back but to finally break ground and start building new affordable housing makes all the time, blood, sweat and tears worth it. The affordable housing project that is 490 South Van Ness does not get done without the collaboration of several partners and a dedicated team of Mission Housing staff members. I am grateful for everyone’s tireless work and passion for the people of our community.”
“We’re honored to be part of the team that’s bringing affordable family homes and community services to a neighborhood that has seen so much displacement,” said Cynthia A. Parker, President and CEO of BRIDGE Housing.
“This site will go a long way to help working families and low income households afford to call San Francisco ‘home’ thanks to an incredible public-private effort to maintain affordable housing options in this booming economy that risks displacement of our most vulnerable residents,” said Liz Minick, San Francisco – East Bay community executive, Bank of America. “In the heart of the Mission District and just two blocks from public transit, residents at the future 490 South Van Ness can access and be part of the City’s vibrant economy. Bank of America is proud to have provided $56.5 million in financing, including a $32 million construction loan and $24.2 million in a Direct Equity investment to help make this vision a reality for San Franciscans.”
Over $27 million in financing is being provided by the San Francisco Mayor’s Office of Housing and Community Development. Additional sources of funding include the San Francisco Housing Authority (Project-Based Section 8 vouchers), Bank of America, Barings, U.S. Department of Housing and Urban Development, the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee.