Cities across the country have changed the way they handle public housing. San Francisco joined that group in February when city leaders and Housing and Urban Development (HUD) Secretary Julián Castro announced a partnership to transform the city’s public housing system. The effort will enable San Francisco to leverage about $780 million in investor equity and other resources to rehabilitate up to 4,584 public housing units for low-income residents.
The effort, part of HUD’s Rental Assistance Demonstration program, will let the city access resources such as debt financing and low-income housing tax credits to finish the rehabilitation and preservation of its public units.
“By working together – uniting private capital, public oversight, and local housing nonprofit experts – we are able to transform both these apartments and the lives of families who live here,” said U.S. Representative Nancy Pelosi. “This innovative public-private partnership offers a bold new model for the nation in repairing public housing without losing units or shortchanging residents.”
The project will take place in two phases, with the first 1,425 units completed between August 2016 and April 2017, and the remaining units completed by December 2017.