The San Francisco Board of Supervisors has issued a proposal that would enable a family of at least two people who collectively earn $138,400 or less per year to qualify for a home purchase under the City’s definition of affordable housing, while a single person would need to earn $120,000.
According to report from SFGate.com
, this new policy would replace a 15-year-old guideline that restricted affordable housing purchases to those who earned 55 percent of the typical San Francisco median household income or less. The board also sought to change the municipal mandate on the percentage of units set aside in new residential developments for affordable units, from the current 12 percent level to a new 18 percent level.
The board will need to meet again after reviewing the proposal before they are finalized.