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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 ended, and the property owner was no longer obligated to keep the units at below-market rents.
Supervisor Jane Kim said tenants contacted her office when they learned the middle-income restrictions had expired and the owner intended to market the units at market rate. Kim highlighted long-term residents, including a 73‑year‑old tenant who had lived there more than 25 years, and a small-business owner who also lived at the complex.
What the board approved
The resolution approves an agreement with South Beach Marina Inc., developed in partnership with the Mayor’s Office of Housing and Community Development, to permanently preserve 101 affordable units at the property and prevent displacement. The item included an authorization amount for preservation—roughly $59.3 million—tied to acquisition and rehabilitation for the preservation strategy.
Sponsor comments
“This agreement permanently preserves 101 affordable housing units at South Beach Marina Apartments and prevents the displacement of our neighbors,” Supervisor Kim said, thanking tenant organizers and the mayor’s office for the negotiated solution.
Vote and outcome
The board approved the resolution by the usual voice/roll-call procedure without objection.
Why it matters
Preserving 101 units directly affects longtime District 6 households, including seniors and small-business owners, who would likely have been priced out if the units converted to market rate. Board members framed the action as the product of tenant organizing and targeted housing-policy solutions timed to address expiring financing restrictions.
Ending
The board approved the preservation agreement and called for continued city coordination to ensure tenants remain housed and rehabilitation plans are implemented.
