A 143-unit affordable housing community for low-income and formerly homeless families is taking the place of a former railyard in San Francisco.
Developed by the Tenderloin Neighborhood Development Corp. (TNDC), 626 Mission Bay Blvd North (626 MBBN) is located in the Mission Bay neighborhood. This part of the city has been designated a redevelopment area with multiple goals, including creating equitable housing opportunities.
Set to open in August, the development features a number of large units to serve families, with 47 two- and 43 three-bedroom apartments. The remaining 53 homes are one-bedroom units. The apartments target households earning no more than 20%, 30%, and 50% of the area median income, with 29 reserved for families and individuals who have experienced homelessness.
“San Francisco is the most expensive rental market in the country, making it incredibly difficult for families to stay here and raise their children. We’re thrilled that 626 MBBN will provide critically needed affordable housing to San Francisco families who might otherwise be homeless, have insecure housing, or be displaced from the city,” says Sarah White, associate director of housing development at nonprofit TNDC.
In addition to providing needed housing, 626 MBBN helps define the neighborhood character by introducing a mix of apartments, townhomes, and ground-floor retail and services. It will also have a strong focus on serving children and youths living in the development and the larger neighborhood.
TNDC is partnering with 826 Valencia, an award-winning nonprofit organization that supports under-resourced youths with creative writing and expository writing skills. Co-founded by author Dave Eggers and educator Nínive Calegari, 826 Valencia will bring character to the neighborhood, with a retail storefront and educational space designed in the style of an enchanted forest.
The $92.6 million 626 MBBN, which features a solar thermal system and other green features, is being financed with low-income housing tax credit equity from Wells Fargo. It’s also one of the first projects to use the state’s new Affordable Housing and Sustainable Communities program, financing that’s tied to reducing greenhouse emissions.
