“After 12 years in development, TNDC is pleased to share that we are moving forward with our plans to develop affordable housing at 1400 Mission (corner of 10th and Mission). As some of you know, TNDC purchased the site in 2000 and the project has undergone several iterations over the years. After attempting to finance several proposals for affordable rental housing at this location, and with an eye towards what had become by 2011 a startlingly bleak picture regarding financing for affordable rental housing, TNDC entered into an agreement with Tishman Speyer to develop the site as affordable homeownership housing.
“We are pleased with the result of this decision: a well-designed building that is responsive to the neighborhood’s past and burgeoning future, including 190 units targeted to buyers earning 70% to 150% of AMI, more than 4,300 square feet of neighborhood serving retail, and up to 42 parking spaces. Of the 190 units, 167 of the units will serve as the off-site below-market-rate component of Tishman Speyer’s previously approved project at 201 Folsom Street. 63% (120) of the units are 2-bedrooms or larger, meeting a demonstrated need for family sized apartments in this area.
“TNDC will work with Tishman Speyer to make sure that income-qualified families in the neighborhood are identified and encouraged to take advantage of the home ownership opportunities offered at 1400 Mission, which will be targeted to households in a range from 70-140% of the area median income. After we have received entitlements, we expect Tishman Speyer to begin construction in mid-2013. TNDC will use the sale proceeds from 1400 Mission to re-invest in the future of the lowest income San Franciscans. The issue is scheduled to be heard by the Planning Commission on January 17.
“Please let us know if you have any questions about the project or about TNDC. You can direct them to me or to Senior Project Manager Mara Blitzer, at firstname.lastname@example.org or 358-3922.”
Donald S. Falk, Executive Director
201 Eddy Street
San Francisco, CA. 94102
(415) 358-3923 w
(415) 264-7949 c