San Francisco Gets $117M For Affordable Housing Developments
San Francisco received $117M to put toward three affordable housing projects set to begin construction in 2023.
The funds came from the California Housing Accelerator, part of the California Department of Housing and Community Development. The accelerator so far has awarded $1B to projects that will create 2,755 affordable housing units across the Golden State. California's housing department used some of the $1.75B granted by the federal American Rescue Plan Act.
“California is tackling the housing affordability crisis with an innovative ‘all of the above’ approach,” Gov. Gavin Newsom said in a statement.
“The awards going out today will be creating more housing, faster, for projects that can break ground within a matter of weeks and create thousands of homes.”
The total unit count among the three projects slated for San Francisco currently sits at 290, which is composed of 98 units at 4200 Geary Blvd., the site of a former funeral home; 90 units at a parcel in the Sunnydale neighborhood called Block 3B; and 102 units at 234 Van Ness Ave. The units will be a mixture of housing for families, seniors and formerly homeless individuals.
Voters in San Francisco will face a choice between two competing ballot measures in November, both targeting housing development in the city, one of which has backing from several tech company executives in the Bay Area.
