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Committee backs $147.5 million plan to acquire 333 Twelfth Street for family supportive housing
Summary
The Budget & Finance Committee forwarded a resolution authorizing HSH to acquire City Gardens, 333 Twelfth Street, for up to $147.5 million to convert the 200-unit building into family permanent supportive housing; the purchase will be staged and HSH will apply for HOME Key and bond funding for the second installment.
The Budget and Finance Committee on April 20 voted to forward to the full Board a resolution authorizing the Department of Homelessness and Supportive Housing to acquire 333 Twelfth Street (City Gardens) for an anticipated total of up to $147,500,000.
Deputy Director Emily Cohen described the property as a 200‑unit, newly constructed family-sized building with a mix of 2–5 bedroom units and amenities (roof garden, courtyard, elevators). Under the proposed two‑installment purchase, the city would close on a $100,000,000 first installment and take ownership; a second installment of $45,000,000 plus interest would be due one year from closing. HSH plans to apply for HomeKey funding in the current round that closes May 2 and, if awarded, would use those funds for the second installment; if not, the department would use Health & Recovery Bond funding earmarked for supportive housing.
Cohen said subsidies would attach only when formerly homeless families move in; current tenants may remain at market rents until turnover allows placements for eligible households. She said the appraisal and appraisal review support the $145,000,000 purchase price and that the total acquisition cost including interest and closing costs is about $147.5 million. Dan Adams (real estate) explained per‑bed and per‑unit comparators and said the appraisal affirms market value.
Members of the public and service providers — including Coalition on Homelessness, Larkin Street Youth Services, Glide and others — spoke in strong support, stressing that the city needs large-family units and that the building is appropriate for families and children.
BLA confirmed the appraisal, provided cost-per-unit figures (about $242,000 per unit city funding share; BLA reported $117.3M development cost estimate for 138 units in the Treasure Island item but stated comparable metrics), and recommended approval. Supervisors asked for further detail on operating budgets and how many family units are already in the city’s PSH portfolio; HSH reported roughly 500 project-based family PSH units and additional rapidly rehousing subsidies.
The committee voted unanimously to forward the resolution with a positive recommendation; the full Board will see the item on April 26. HSH will return with financing documentation contingent on HomeKey and bond allocation outcomes.
