Construction has begun on two 112-unit affordable housing apartment buildings in the Hunter’s Point Shipyard development.
A major developer of southeast San Francisco neighborhoods, Built on the site of a former naval shipyard, is a derivative of FivePoint, Lennar.but jonathan ross co. The two affordable buildings are being developed with the nonprofit Bayview Hunters Point Multipurpose Senior Services, which provides health care, social services and food to the area’s low-income senior population. It also operates two senior centers in the Western Addition.
Construction of the all-electric project is expected to cost more than $130 million, about half of which will come from the city’s Office of Community Infrastructure and Investment, the successor to its rebuilding agency.
OCII executive director Thor Kaslofsky said in a statement that the apartments will be a “critical step” in hitting the San Francisco market Housing Elements Goals Build more than 46,000 affordable housing units in the city by 2031.
The development also received nearly $6 million in funding from the state’s newly streamlined agency Multifamily Finance Super Fund Availability Notice California Tax Credit Allocation Board and California Debt Limit Allocation Board appropriation approval process and 4% tax credit and tax-exempt bonds.
The developer applied for tax credits and bonds three times to “secure the final distribution of funds needed to achieve financial viability”, said Sarah White. Rose California Development Director, who took over the project from the previous developer in 2021. The project was first approved in 2017.
“Every month projects are delayed, construction becomes more expensive,” she said by email, especially as construction costs and inflation rise.
Still, White said the New York-based affordable housing developer is “excited” to bring the two yet-to-be-named buildings to San Francisco for the first time and “help improve the city’s much-needed supply of affordable housing.”
As part of the overall rebuild of Shipyard, Lennar has undertaken a “staggering amount of outreach,” White said. As a joint development partner, Bayview Hunters Point Multipurpose Senior Service Center Community outreach will be provided during the pre-lease and lease phase, as well as on-site resident services after the development opens, which is expected to open in spring 2025.
While BHPMSS’s previous low-income housing project in Bayview had a mix of one- and two-bedroom units and was open only to seniors and people with disabilities, the new project will have one to five bedrooms in each unit and in any individual income-sharing area. Families with a median income of 30% to 50% can apply.
“As native Navy Road residents, it is an honor for the people of our community to have the opportunity to rent a new space in their own neighborhood,” BHPMSS board member Oscar James said in a statement. “This has been a long time coming, We’ve been waiting for this day for more than 50 years.”
