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Committee forwards $12M purchase of 1939 Market Street to full Board for affordable senior housing
Summary
The Budget and Finance Committee voted without objection to send a resolution to the Board authorizing MOHCD to buy 1939 Market Street for $12,000,000 from the Sheet Metal Workers Local 104 using ERAF funds; the department plans an RFQ for a developer to create deeply affordable, LGBTQ‑affirming senior housing.
SAN FRANCISCO — The Budget and Finance Committee on Feb. 5 voted to forward a resolution to the full Board of Supervisors that would authorize the city to buy 1939 Market Street for $12,000,000 and place the property under the Mayor’s Office of Housing and Community Development (MOHCD) to develop into affordable housing.
Chair Sandra Lee Feuer moved the item to the Board "with a positive recommendation" and took the motion "without objection." The purchase price is supported by an independent appraisal and would be paid from the Education Revenue Augmentation Fund (ERAF), with a $500,000 deposit credited against the price.
Joyce Lin, a project manager with MOHCD, described the signed purchase-and-sale agreement and said the office intends to develop the site as 100% affordable housing,…
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