"A 100% affordable housing project broke ground at 16th and DeHaro streets Monday morning, and this is newsworthy, because it's being built by a market-rate developer, and it was not originally going to be affordable housing. If you've spent much time in Potrero Hill, you probably know the unique blue building on a triangular lot at 16th and DeHaro streets (seen below)."
"And now the Chronicle reports that the 300 DeHaro Street project just broke ground Monday, and will soon offer 425 affordable studio and junior one-bedroom units. We ended up pivoting the project from a mixed-income project to a 100% affordable housing project, DM Development CEO Mark MacDonald told KQED. Using low-income housing tax credit financing as a way to kind of get around the challenges that the market rate developments have had."
DM Development converted a stalled market-rate proposal at 300 DeHaro into a 100% affordable, 11-story building that will contain 425 studio and junior one-bedroom units. The original market-rate project stalled due to high interest rates and persistently expensive construction costs. The developer secured low-income housing tax credit financing to enable the affordable conversion. The unique blue building on the triangular lot will be removed. Existing tenants Cafe Da Fonk and Torraku Ramen were evicted. DM Development indicates greater inclination to pursue additional affordable housing projects.
Read at sfist.com
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