San Francisco Seeks Developer for Affordable Housing Plan – NMP Skip to main content

San Francisco Seeks Developer for Affordable Housing Plan

Phil Hall
Nov 14, 2016
San Francisco Mayor Ed Lee, who worked to find public sector solutions to the problems that significantly reconfigured his city’s housing market, died early this morning at Zuckerberg San Francisco General Hospital at the age of 65

San Francisco city officials are upping the ante on the expansion of housing affordability options by issuing a Request for Qualifications (RFQ) for a mixed-use development that will be at least 50 percent affordable housing.

According to a San Francisco Examiner report, the new development will be on the 17-acre Balboa Reservoir site near City College of San Francisco. The Mayor’s Office of Economic and Workforce Development envisions the new development between 25-feet to 65-feet high, with at least four acres of open space. The RFQ is seeking at least 18 percent of the affordable housing units for the development will be for low-income individuals who earn up to 55 percent of the Area Median Income (AMI), with 15 percent of the units for moderate-income individuals who earn up to 120 percent of AMI and 17 percent for middle-income households that earn up to 150 percent of AMI.

City Supervisor Norman Yee convened a Community Advisory Committee (CAC) for local residents to have a voice in the development’s design and progress.

“I pushed for the 50 percent and there was very strong support from CAC members and residents at large,” Yee said. “The process used for community input with 16 meetings is a model of how to build consensus. I look forward to seeing a good project come out of this for all San Franciscans.”

But Peter Cohen, co-director of the Council of Community Housing Organizations, had called for a 60 percent set aside for affordable housing units, with 40 percent reserved for lower-income households. He expressed concern on the RFQ’s plans, arguing that many lower-income households will not be able to access this opportunity.

“That’s probably half of San Francisco’s households that are missing,” Cohen said. “They basically are priced out.”

Published
Nov 14, 2016
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021