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SF Leasing 145 New Housing Units For the Homeless

Located at 833 Bryant Street in SoMa this will provide permanently-affordable homes in 2021
By - posted 7/3/2020 No Comment

Last week, the Board of Supervisors approved Mayor London N. Breed’s resolution to lease 833 Bryant, which will provide 145 units of Permanent Supportive Housing (PSH) for people experiencing homelessness. 

Read the full press release.

Previously a surface parking lot in SoMa, 833 Bryant is currently under construction. When complete in fall 2021, it will provide 145 permanently affordable homes with in-unit kitchens and bathrooms. The resolution would allow the City to lease the building to provide ongoing housing to households exiting homelessness.

 These new units are part of the City’s effort to open up over 1,000 new permanent supportive housing units by the end of 2024. PSH provides long-term affordable housing with on-site social services to people exiting chronic homelessness. Currently, over 10,800 people live in the City’s PSH.

The master lease resolution that Mayor Breed introduced and that was approved is competitive relative to other City PSH master lease projects with fewer amenities. At the end of the lease term, the City will have the option to purchase the land for $1, and the building will be permanently affordable.

No City funds are used to construct the project. Instead, the Housing Accelerator Fund (HAF) invested $35 million of a larger philanthropic donation from Tipping Point Community to acquire the surface parking lot, fund project design, entitlements, and start construction, now well underway.

The project developer, Mercy Housing California, is securing low-income housing tax credits and tax-exempt bonds in partnership with Citibank and the State of California to finish construction, which will return a portion of the philanthropic funds to the HAF to invest in additional supportive housing projects. The City’s agreement to enter into a long-term lease, which will support debt service on the project’s permanent loan, allows for the tax-exempt bond rating to be linked to the City’s credit rating, resulting in more advantageous pricing and lower overall project costs.