First Investment in Prop. C Affordable Housing and Down Payment Assistance Funding

Mayor Edwin M. Lee

Douglas Shoemaker

Mayor Edwin M. Lee has announced the first funding commitments for affordable housing and down payment assistance funded through the Housing Trust Fund, passed by San Francisco voters in November. The Housing Trust Fund, created by the voter-approved Proposition C, provides a permanent source of revenue to fund the creation of affordable housing for low- and middle- income households for the next 30 years. “A growing and vibrant economy requires a diverse supply of new housing,” said Mayor Lee. The first affordable housing project to be considered for funding from the Housing Trust Fund is the long-stalled 55 Laguna Senior Housing project located on the former University of California Berkeley Extension campus in the Hayes Valley neighborhood. The project will request $6.1 million from the Mayor’s Office of Housing and is a joint-venture of Mercy Housing California and Openhouse. It will create 110 units of affordable housing for low-income seniors. The project has been on hold for eight years due to the downturn in the economy and a lack of local resources. “We are very excited that the City will consider funding this important project to allow us to move toward start of construction in the fall of next year,” said Mercy Housing California President Douglas Shoemaker. This announcement comes on the heels of a number of important affordable housing milestones, including: Soon to be completed Kelly Cullen Community – 172 new SRO units of housing for the formerly homeless in the historic Central YMCA building at 220 Golden Gate Avenue, that will also house a new Integrated Health and Homeless Clinic run by the Department of Public Health; Soon to be completed Veterans Commons at 150 Otis – 76 new SRO units in a historic City-landmarked building that will serve homeless U.S. veterans with support services including case management, mental health counseling, drug dependency, and employment programs will be provided by the City’s Human Services Agency, the Veterans Administration, and Swords to Plowshares; and Bond closing for Candlestick Heights – located in the Bayview, Candlestick Heights, the project will provide 196 units of affordable housing, constructed entirely without City subsidy. Additionally, Mayor Lee announced an increase to assistance limits under the City’s Down payment Assistance Loan Program (DALP), which financial assistance to qualifying first-time homebuyers through deferred payment loans that are repaid to the city. It is estimated that $1.5 billion will be invested in affordable housing production and housing programs over the next 30 years.
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