The City of San Francisco is set to revamp over a thousand units of public housing this summer in a new project made possible by an injection of federal dollars.
Housing Finance reports that the project, which will affect 1,422 units located across 14 properties in the city, is set to cost $693 million in repairs and improvements to housing designed for low-income San Franciscans.
That price tag is far above what the San Francisco Housing Authority would normally be able to afford. For this project, the city is enjoying help from the Department of Housing and Urban Development in Washington D.C. and its RAD program.
RAD, or Rental Assistance Demonstration, allows cities to turn public housing projects over to HUD and receive federal money. In turn, the city makes what was once temporary public housing into Section 8 units, which have long-term contracts.
The move creates a more stable source of income and justification to spend more money in renovations.
It is unclear the extent of the renovations that are being done and if they are meant only to improve the look and quality of the units or if they are meant to create room for more tenants.
Once the 14 properties are completed, an additional 15 properties will be undertaken in the improvement project.
The effort to improve San Francisco’s public housing has enlisted a large ensemble of companies and groups, including Bank of America, Freddie Mac, and the city itself.
“It’s the entire San Francisco affordable housing ecosystem working together for the common goal of preserving affordable housing formerly run by the housing authority,” says Olson Lee, director of the Office of Housing and Community Development for the Mayor.
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