06. Affordable Housing
|Balboa Reservoir||The City identified the Balboa Reservoir site as a priority for housing development under the Public Lands for Housing program. The Public Utilities Commission has jurisdiction of the site and has entered into an Exclusive Negotiation Agreement with the selected development team.
The project will consist of approximately 1,100 units of housing, of which 50% would be market-rate. The developer will fund and construct 66.7% of the affordable units with the City providing financing for the remaining 33.3% of the affordable units.
The populations that will be served include very low and low income households up to 80% AMI and moderate income households, including educator households, up to 130% AMI.
All of MOHCD’s local sources of funding are eligible for new production like that planned for Balboa Reservoir, with the exceptions noted in the planned very low and low income and moderate income housing program description.
|HOPE SF||The City has made a commitment to rebuild four public housing developments in the southeast region that have physically deteriorated: Alice Griffith, Hunters View, Potrero, and Sunnydale (see discussion in Economic and Neighborhood Development chapter). HOPE SF will replace the existing 1,900 units one-for-one and add another 5,300 units to transform long underserved communities into vibrant, mixed income neighborhoods.
The populations served include existing public housing households, who are guaranteed a right to return to the rebuilt housing, and new very low and low income households up to 60% AMI.
An example of a HOPE SF project in the pipeline is Sunnydale Block 3. This project will include approximately 170 units, of which 127 will be set aside for existing public housing residents with a right to return, and 52 will be set aside for new low income households up to 60% AMI. The project includes a mix of 1-bedrooms, 2-bedroom, 3-bedroom, and 4-bedrooms. Construction will start in 2022 and is expected to be complete by 2024.
The majority of MOHCD’s sources of funding are eligible for HOPE SF, with the exception that impact fees can only be used on new units and not replacement units.
The total need for HOPE SF is estimated at $750 million over the next 10 years, in addition to the development costs that are already accounted for in the Economic and Neighborhood Development chapter.