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Home Communities Mayor London Breed Announces Acquisition and Preservation of Affordable Housing in the Richmond

Mayor London Breed Announces Acquisition and Preservation of Affordable Housing in the Richmond

Mayor London Breed Announces Acquisition and Preservation of Affordable Housing in the Richmond
San Francisco Mayor London Breed

Twelve residential homes will remain permanently affordable thanks to the City’s Small Sites Program

Thursday, December 12, 2019, San Francisco, CA — Mayor London N. Breed and Supervisor Sandra Lee Fewer today announced the acquisition and preservation of 12 rent-controlled homes and one commercial space in the Richmond District. The building, located at 369 3rd Avenue, was preserved as affordable housing as part of the City’s Small Sites program, which has stabilized over 500 San Francisco residents.

The apartments at 369 3rd Avenue currently serve low- to moderate-income households with a building-wide average of 73% of Area Median Income. Mission Economic Development Agency (MEDA) will acquire the property and preserve it as permanently affordable housing. The acquisition was financed with an $8.2 million loan provided by the San Francisco Housing Accelerator Fund (SFHAF). The Mayor’s Office of Housing and Community Development (MOHCD) expects to provide MEDA with permanent financing for the building in spring 2021, following the completion of critical repairs and upgrades.

The rehabilitation plan includes approximately $700,000 in crucial repairs to the building including seismic retrofitting and strengthening; updating electrical and building systems; and additional exterior renovations and improvements.

The San Francisco Housing Accelerator Fund innovates smart approaches that put public, private, and philanthropic money to work to expand the supply of affordable housing in San Francisco. SFHAF was incubated in the Mayor’s Office to address gaps in and complement the public sector’s funding mechanisms. The fund was kick-started with investments from the City, Citi Community Development, Dignity Health, and The San Francisco Foundation. In less than three years of operation, SFHAF has raised and deployed over $109 million to fund the preservation and construction of 433 permanently affordable units in San Francisco.

Through the City’s acquisition programs, 35 buildings consisting of 290 units have been acquired, and another 15 buildings with 137 total units are in the pipeline. Over $86 million of City funds have been committed for acquisition and preservation programs, and over 500 residents have been stabilized to date. In September, MOHCD issued a $40.5 million Notice of Funding Availability for future Small Sites Program acquisitions and capacity-building grants, which is part of Mayor Breed’s strategy to prevent displacement and expand the City’s affordable housing preservation pipeline.

Content retrieved from: https://sfmayor.org/article/mayor-london-breed-announces-acquisition-and-preservation-affordable-housing-richmond

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