It cost the San Francisco city government $323,071 to acquire or rehab a single affordable housing unit last year. Not build new, because that’s more expensive, but just acquire and rehab. 83,733 very low- to low-income households applied for 1,025 rentals in 2017.https://twitter.com/apmortgagemarin/status/1004728516922040321 …
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Replying to @StephanoMedina
It depends on a number of factors. Does the city already own the land? If so, you can shave maybe even $200K right off right there. If not, non-profit built housing tends to be $100-200K more expensive because A) it takes longer to assemble the capital financing from myriad
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Replying to @kimmaicutler @StephanoMedina
sources -- from federal LIHTC to state funding to city bonds/housing trust fund, whereas a private developer can just raise funding quickly from a small number of LPs. Then B) affordable housing has a lot more govt-mandated requirements around amenities like community space
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Replying to @kimmaicutler @StephanoMedina
which isn't free and can tack on tens if not hundred+ thousand dollars in cost. Ask
@sammymoss425 and@markasaurus if you want to know more.2 replies 0 retweets 10 likes -
“The government” doesn’t build the housing. SF has a strong local private non profit affordable housing development industry. The Gov’t acts as a gap lender and regulatory oversight entity throughout the life of the building
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Replying to @sammymoss425 @kimmaicutler and
I’ve always held that the $/unit is a horrible metric for comparing affordable & market rate units. Iur buildings are expected to solve all the ills of the world in each ground floor community space, which they all have. Things like free childcare space add to the $/unit
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PSH is structurally different than what Sam is doing with @MissionHousing. PSH programs are managed by @SF_HSH. What Sam does is non-profit based affordable housing for low-income residents, which isn't permanent supportive housing targeted at formerly homeless people.
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