Eighteen new homes were unveiled today in San Francisco’s Bayview-Hunters Point District as part of an effort to reinvigorate the area’s commercial center.
The San Francisco Housing Development Corporation hosted a grand opening of a new, $11 million mixed-use complex that has one- and two-bedroom units as well as commercial space.
The development corporation is a nonprofit group that aims to facilitate home ownership in San Francisco’s minority communities, according to the organization. It develops affordable real estate, provides financial counseling and gives homeowners access to health and education resources.
The new homes are priced as low as $159,000, Development Corporation President Regina Davis said. Thanks to various subsidies, owners will only pay about half what it cost to build them, she said.
Monthly payments for the 700- to 1,100-square-foot condominiums will be about $1,300 per month, according to Davis.
The property, located at 4800 Third St., is part of the development corporation’s equity fund. Davis said the fund is dedicated to financing affordable housing, which means only residents whose incomes are significantly below San Francisco’s median level qualify for the homes.
“For us it’s not just building the building,” Davis said. “It’s also building people’s ability to afford, care for and maintain the housing.”
She said job creation is just as important as building affordable housing, so the development fund is working with the city to stimulate local hiring.
The fund’s latest project has been in development for five years, and the housing corporation has spent 10 years working to revitalize the area, Davis said.
The new building has green architectural features, including solar panels and sustainable materials. New Orleans-style restaurant YATS is leasing the ground floor commercial space.
Previous development fund projects include a 30-unit affordable housing apartment building, a senior housing center, a $5 million gym renovation and school facility upgrades, Davis said.
The group is in Escrow for two vacant lots across the street from the new complex, which will house similar condominium projects if everything works out as planned.