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Agreement preserves 101 affordable units at South Beach Marina Apartments, averting loss of middle-income-restricted homes
Summary
The board approved a resolution authorizing a preservation agreement that will keep 101 formerly middle-income restricted units at South Beach Marina Apartments available at below-market rates in perpetuity. Supervisor Kim credited tenant organizing and the mayor's housing office for the negotiated solution.
The Board of Supervisors on May 17 approved a resolution to preserve 101 affordable units at South Beach Marina Apartments, an action supervisors said will prevent the displacement of long-term tenants whose mortgage-restricted affordability period had expired.
Project background and problem
South Beach Marina Apartments was built in the 1980s with mortgage revenue bonds that included deed restrictions on a subset of units requiring middle-income affordability for a limited term (about 21.5 years). Those deed restrictions expired after the mortgage revenue bond financing…
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