Bay Area Housing Crisis

Projects

The Affordability Project’s inaugural non-profit housing development will be in San Francisco at 5250 3rd Street in Bayview Hunters Point. 70% of the 100 unit project will be affordable, below market rate rentals for nurses, teachers and other middle income professionals and families.

5250 3rd Information

All proceeds from project will be used to fund acquisition of additional non-profit BMR project
• Building will earn income for the 501c3
• Financing model will be a mix of:
• Conventional debt
• Low interest / interest free debt from social impact funds at technology companies
• Low interest / interest free debt and/or grants from housing funds
• Donations from high net wealth individuals, foundations, and family charities

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• 100 Total units
• 8 at 50-80% AMI
• 62 at 90-130% AMI
• 30 at market rate
• Time parameters:
• Planning submission Feb 2021
• Planning commission Feb 2022
• DBI approval June 2022
• Construction begins June 2022
• Leasing begins December 2022
• Building occupied Feb 2024