(The Center Square) _ The city of San Francisco is set to approve $37.1 million to subsidize 256 units spread over four developments as part of its plan to get more affordable housing for senior citizens. That’s $145,000 for each apartment.
Median rent in San Francisco County from 2018-2022 was $2,316 a month while median household income was $136,689 those years, according to the U.S. Census.
The contracts go to developers who are housing senior citizens. The matter is set for approval before the Board of Supervisors at the April 2 meeting.
The contracts to subsidize the units are for 15-plus years and also include the city providing about $104 million in loans to three of the developments for rehabilitation projects.
The contracts are part of the city’s “100% affordable housing” program that has developments with all units subsidized by the city and come to inhabitants at reduced rates with rent limits and income restrictions. People living in the units have annual incomes ranging from $19,000 to $31,500, according to city documents.
The program is paid for by a $52.3 million grant the city received under the California Department of Housing and Community Development’s Permanent Local Housing Allocation Program.
In 2016, the city started its Affordable Housing Bonus Program. The program offered developers incentives and the ability to alter city zoning and have taller buildings in return for including affordable housing in the project.