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Board approves option agreements for MidPen educator housing at Francis Scott Key site
Summary
The board approved two option-to-lease agreements with MidPen to enable development financing for educator housing at the Francis Scott Key annex: one parcel for about 100 units targeted up to 120% area median income, and a second parcel containing 35 lower-income units financed in part by tax credits.
The Board of Education approved two option-to-ground-lease agreements on Nov. 10 that allow MidPen Housing to pursue financing and to develop educator housing on the Francis Scott Key annex site.
Project overview
Staff said the site will be subdivided. One parcel is planned to include approximately 100 units targeted for moderate-income educators (no greater than 120% of area median income), and a second parcel would include about 35 low-income affordable rental units that will be financed in part through federal low-income housing tax credits. Staff said the agreements are necessary to secure developer readiness and to allow MidPen to proceed with financing and permitting steps toward a 2021 groundbreaking and 2023 occupancy.
Board action
The board took separate roll-call votes on each parcel option and approved both agreements. Staff and board members thanked the district housing team and partners for advancing the long-running educator housing project, which is intended to increase affordable housing options for SFUSD staff and to help retain educators in the city.
