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Commission hears marketing report for Transbay Block 9; staff say 500 Folsom leased at 100%
Summary
OCII staff reported that the mixed-income Transbay Block 9 project at 500 Folsom Street leased to 100% amid more than 6,800 applicants; staff noted that 12 certificate-of-preference applicants were offered units but none ultimately moved in and explained reasons for each case.
SAN FRANCISCO — At its March 16, 2021 remote meeting, the Commission on Community Investment and Infrastructure (OCII) heard a marketing outcomes report from the Interim Director on the Transbay Block 9 project at 500 Folsom Street.
Madam Interim Director said the mixed-income rental tower includes 108 inclusionary affordable units and one staff unit and that the project "has been leased up, at 100%." She told commissioners the lease-up drew more than 6,800 applicants for the 108 affordable units.
The report addressed how applicants who held a certificate of preference (COP) fared. "There were 12 certificate of preference applicants," the Interim Director said. She said none of those 12 ultimately moved into the project and described the outcomes: four withdrew from the process, six were over the 50% area median income (AMI) threshold being used for these units (two were closer to moderate-income levels and four were slightly over the 50% AMI cutoff), one applicant was under income but no rental subsidy was available to assist them, and one applicant did not respond to multiple inquiries.
The Interim Director said OCII and MOCD staff are tracking COP preference holders to inform them of future units that better match their incomes. She also reported that eight of the Block 9 affordable units went to applicants under the displaced-tenant housing preference and 43 went to applicants under the neighborhood-resident preference. "So far, we've heard great feedback from those residents enjoying their new housing," she said.
Commissioners did not raise questions about the report during the meeting. Staff offered to return with further monitoring information as lease-up transitions into occupancy and to notify COP holders when other units become available.
Votes at a glance
- Minutes approved (consent agenda): Motion to approve minutes for Feb. 2 and Feb. 16, 2021 was adopted by roll call (5 ayes). The transcript records Commissioner Scott moving the minutes; the second was recorded on the record but not unambiguously attributable in the transcript.
- Adjournment: Motion to adjourn was placed on the record and the meeting was adjourned at 1:45 PM. The transcript indicates Commissioner Scott moved the adjournment; the precise record of a second is not clearly attributable in the transcript.
The commission went into a closed session under conference-with-counsel authority (see authorities) and returned with "nothing to report." The meeting closed after the adjournment vote.
