San Francisco Secures Over $200 Million in State Funding for Affordable Housing
Funding is supported by the American Rescue Plan Act
San Francisco, CA — Today, Mayor London N. Breed announced San Francisco has been awarded more than $200 million in funding from the California Department of Housing and Community Development. This support was provided by the new California Housing Accelerator Fund, which was seeded with a $1.75 billion investment from the federal American Rescue Plan Act.
These dollars will provide the final funding necessary for four key affordable housing projects that will build over 400 units of affordable housing for families, formerly homeless individuals, public housing residents, and transitional aged youth. These projects include:
- 180 Jones Street, a 70-unit development for formerly homeless and low-income adults in the Tenderloin.
- 1801 18th Street, a 157-unit affordable family housing project that is a component of San Francisco’s HOPE SF initiative which will provide new replacement units for residents living in public housing in Potrero Hill and additional affordable family housing.
- Parcel C3.1, a 138-unit affordable family housing development on Treasure Island.
- San Cristina Hotel, a rehabilitation of a 58-unit Single Room Occupancy Hotel on Market Street which will house formerly homeless adults.
These shovel-ready projects are expected to begin construction in the coming months.
“These funds come at a critical time in San Francisco,” said Mayor Breed. “They will help us continue to deliver desperately needed affordable housing units for our families, workers, and individuals exiting homelessness as part of our overall strategy of building more housing at all income levels across the entire City. In addition to the State’s critical leadership, I want to thank Speaker Nancy Pelosi and our federal leaders for their incredibly important work to bring this funding to California and San Francisco.”
“Thanks to Democrats’ American Rescue Plan, a life-changing $200 million investment in affordable housing is headed to San Francisco,” Speaker Nancy Pelosi said. “With this urgently needed funding, our City will be able to build, rehab, and replace more than 400 affordable housing units, house more low-income San Franciscans struggling through the pandemic and reduce homelessness. Let us salute Mayor London Breed for her dedicated and long-standing leadership in expanding affordable housing opportunities in San Francisco.”
“When we launched the California Housing Accelerator, we had clear objectives - eliminate the backlog of projects standing in long lines for tax credits and bonds, bring affordable housing to communities in need, and reduce the amount of time and money involved in preparing to make these homes available,” said Gustavo Velasquez, Director of the California Department of Housing and Community Development. “And while more work remains in Tier 2, today’s announcement is an important step toward achieving our affordable housing goals.”
“We are grateful for the Housing Accelerator Fund’s investment in San Francisco,” said Eric Shaw, Director of the Mayor’s Office of Housing and Community Development. “This funding source has been key to moving our projects forward in a competitive funding environment.”