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Committee pauses 950 Market/180 Jones off-site affordable-housing deal pending fiscal verification
Summary
Supervisors heard a detailed briefing on a negotiated off-site affordable-housing commitment tied to the 950 Market development (conveyance of 180 Jones and roughly $18.1 million in contributions) but continued action for one week to verify a reported funding gap and supporting cost estimates.
The Land Use and Transportation Committee on Feb. 6 took up a high-profile package of items related to the 950 Market Street development and a proposed off-site affordable housing project at 180 Jones Street. The sponsor, Supervisor Jane Kim, presented the negotiated community benefits and amendments but the committee withheld final action and continued the matter for one week to allow city staff and the developer to reconcile competing fiscal analyses.
Supervisor Kim said the deal would dedicate land at 180 Jones (currently a parking lot in the Tenderloin) to create at least 60 step-up affordable units for single-room-occupancy tenants. She said the negotiated package included a developer obligation that would have been about $15.4 million under the city—s standard formula, an additional $2.7 million gift from the developer, and $300,000 in seed funding for a Compton—s District TLGB cultural program—changes the sponsor said together would fill most of the financing gap for the off-site project.
Kate Hartley of the…
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