According to a Project Manager at the Mayor’s Office of Housing, the total project cost for the 72-unit building which the City is planning to develop at 490 South Van Ness Avenue and 16th Street in the Mission has been estimated at $64 million or roughly $888,889 per unit.
Approximately $30 million of the project budget, which includes the proposed $18.5 million for the site, is slated to be funded by the City’s affordable housing funds with the balance ($34 million) funded through a mix of State Affordable Housing for Sustainable Communities financing, the Federal Low Income Housing Tax Credit Program, and the Federal Home Loan Bank’s Affordable Housing Program.
If the land sale for the 490 South Van Ness parcel is approved next week, the City plans to issue an RFP for developers this fall and start construction spring 2016. The building, which was approved by the City last year, could be ready for occupancy by the end of 2017.
The 72 units are slated to be permanently affordable apartments for families making no more than 50 percent of the Area Median Income (AMI), with 20 percent of the units designated for formerly homeless families making less than 30 percent of the AMI.