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Committee backs purchase of BMR condominium at 1160 Mission to preserve affordability
Summary
The committee recommended that the Board authorize up to $300,000 to acquire Unit 812 at 1160 Mission Street (Soma Grand) if necessary to preserve below-market-rate affordability; staff said the owner faces foreclosure, owes civil penalties and HOA dues, and MOHCD seeks the most expeditious route to return the unit to an income-eligible household.
The Government Audit and Oversight Committee on June 11 voted to forward a resolution authorizing the city to acquire a below-market-rate condominium at 1160 Mission Street, Unit 812 (the Soma Grand building) for up to $300,000 to hold it for resale under San Francisco's below-market-rate (BMR) inclusionary homeownership program.
Maria Benjamin, director of homeownership and BMR programs for the Mayor's Office of Housing and…
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