San Francisco Board approves 70-unit affordable housing project on Transbay Block 6

San Francisco's Board of Supervisors has taken a significant step towards addressing the city's affordable housing crisis by approving a proposal for the development of 70 new affordable housing units at Transbay Block 6. During a recent meeting, the board authorized the issuance of $15 million in tax-exempt bonds to fund construction and related costs for the project, which will be developed by Mercy Housing California.

Located at 280 Beale Street, the new housing project aims to support very low-income families, with units targeted for households earning no more than 50% of the area median income, approximately $48,550 for a family of four. The development will consist of 55 one-bedroom units, 14 two-bedroom units, and one manager's unit, all within a mid-rise building that will share a podium with an adjacent market-rate residential tower being developed by Golub and Company.

This initiative is part of a broader effort to transform the Transbay area into a vibrant, mixed-use neighborhood that prioritizes walkability and public access to open spaces. Notably, 35% of the new housing units in the Transbay project area are mandated to be affordable, in accordance with state legislation. The approval of this project not only contributes to meeting that requirement but also represents a crucial investment in the city's future housing landscape.

The board's decision reflects a commitment to providing essential housing solutions for San Francisco's most vulnerable populations. As the city continues to grapple with housing shortages, the successful implementation of projects like Transbay Block 6 will be vital in fostering inclusive community development and ensuring that all residents have access to safe and affordable living conditions.