Affordable Housing Development at 1400 Mission

(San Francisco, May 5, 2015)--At the Center we believe that creating and maintaining affordable housing is an essential part of supporting San Francisco’s vibrant and diverse LGBT communities. That’s why we are so excited about the construction happening right now at 1400 Mission Street which will provide 167 units of below market rate (BMR) housing for purchase. If you have been considering buying a home but are having a hard time finding anything affordable in the tough San Francisco real estate market this could be your opportunity. 1400 Mission will be priced as determined by the Mayor’s Office of Housing and Community Development (MOHCD) to be affordable for households earning 90 percent of Area Median Income (AMI), but homebuyers who earn up to 100 percent of AMI may qualify. In simple terms that means that single households making up to $71,350/year, households of two making up to $81,500 per year, or households of three making up to $91,700 a year may qualify for these units. Up to $57,000 in down payment assistance loans are available from the MOHCD’s Down Payment Assistance Program and even those making under 90 percent AMI could still qualify for a mortgage by providing a larger down payment of 10 to 15 percent rather than the current minimum of 5%. To be eligible applicants must already have their first time home buyers certificate which can be obtained by attending our homebuyer education workshop series and setting up a one on one counseling session, more information on how to do that here. Qualified BMR applicants will be chosen randomly via lottery. Even though the entire building at 1400 Mission is priced as BMR housing the units are nicely finished and look great! Two members of our Financial Services team got the chance to take a hard hat tour of the building and were impressed with the layouts of the units and their light, spacious feel. They feature modern kitchens, big windows, and an airy feel. There will be two outdoor community spaces in the building: a second floor play area, and a rooftop space offering views of the bay; which are sure to be welcome additions is the hectic mid-Market area where the building is located. Washers and dryers can be found in all units, and there are 36 parking spaces that will be available for rent. There will be studios, as well as one, two and three bedroom units available. Applications for the project will be available in a few weeks and the Center’s Financial Services team is gearing up to help guide applicants from our community through the application process. In addition to our normal workshop series and one on one counseling we are getting ready to review applications to make sure that they are in tip top shape come deadline time and to help guide our community members through the entire home buying process. We know that buying a home can seem overwhelming, particularly when also dealing with the BMR application process, so we are here to help! If you would like to get added to our mailing list for more information about the 1400 Mission development, or have any further questions regarding the 1400 Mission application process, please email Sophie Lewis at SophieL@sfcenter.org If you still need to obtain, or update, your first time homebuyer’s certificate check out our upcoming homebuyer education workshop series: http://www.sfcenter.org/programs/financial-services/first-time-homebuyer-program

Contact Person: 
Diana Freeburg (DianaF@sfcenter.org)