Tenants in an apartment building at 369 3rd Avenue are breathing a little easier this holiday season.
It was announced on Thursday that their 12-unit building is the latest acquisition in the city’s Small Sites Program. SSP protects tenants living in these properties, by removing them from the speculative market. The program provides loans to nonprofit organizations to buy buildings before an investor does. The properties are then converted to permanently affordable housing.
The 3rd Avenue property is the third one in the Richmond District to be acquired by the program. Other properties that have been acquired include buildings on 17th Avenue, and one on the corner of Clement and 9th Avenue (where Hamburger Haven is on the ground floor). Both of the buildings are occupied predominantly by seniors.
A press conference was held on Thursday to announce the 369 3rd Ave acquisition. Mayor London Breed was in attendance, along with District 1 Supervisor Sandra Fewer.
Mayor Breed lauded the 35 buildings that the program has acquired so far across the city, accounting for 290 units that were converted to permanent affordable housing. The city has their eye on another 15 buildings/137 units, for which the city has committed $135 million. Those future acquisitions will protect roughly 500 city residents from displacement and unmanageable rent increases.
“We hope to keep more people in their homes in the Richmond, and keep our residents stable here. 65% of my neighbors are renters. They are vulnerable in this housing market,” said Supervisor Sandra Fewer.
The Small Sites Program accepts nominations for new acquisitions, and works with several nonprofits to put plans into action.
For a building to qualify, the building must have between 5 and 25 units, and tenants in the building must have incomes that are eligible (between 50% and 120% of the Area Median Income (AMI)). Qualifying incomes range from $41k to $142k annually per household, depending on the number of tenants in the unit.
Once a building has been nominated, it is vetted by a partnering nonprofit for eligibility. If deemed eligible and the building is available for purchase, the nonprofit can purchase it, make any necessary renovations, and then convert the building to permanent affordable housing (note: permanent = 99 years).
New tenants who move in after the acqusition is complete must meet MOHCD eligibility requirements, and go through a lottery process.
What a great holiday wish to come true for these residents on 3rd Avenue. 🙂
Sarah B.
One 12 unit building is a drop in the ocean of marginalized people having their very livelihoods stolen from them by the greed of unscrupulous, greedy real estate investment speculators – like CURRENTLY SITTING SF PLANNING COMMISSIONER DENNIS RICHARDS, for a single prominent example out of THOUSANDS. This one building doesn’t even undo the damage that single individual has caused to marginalized SF families.
Someone will tell me “you should be happy, progress is being made.”
They don’t want to hear my reply to their misplaced optimism.
and the state still sits on its hands in regards to the misuse of the ellis act.
speculators will continue to buy property and force tenants out as long as the loopholes exist
It is a shame that this blog is shilling for the Mayor and Supervisor Fewer who are throwing a few bones to the residents of the Richmond while crime, vacant storefronts and homelessness skyrocket and quality of life declines. If you really wanted to provide a service you would list the details of who the individuals benefitting from this deal are and if there is any insider dealing. Or you could at least challenge and/or explain the assertion that these residents are not protected by rent control (how can that be????) ? Meanwhile, the rest of us will pay for this and the $400 M shortfall in the City budget.
@ Matt Butler – Shilling? That’s your opinion, and I don’t agree with it. Just because I write about news – in our neighborhood – that includes the Mayor’s name and our Supervisor’s name (because they attended the event), does not equate to “shilling” for them.
As for rent control, not every rental unit or building in San Francisco is subject to rent control. You can read more about the law here:
https://www.sftu.org/rent-control/
There is also another risk with any building in San Francisco – owners can choose to enact the Ellis Act to remove existing tenants. You can read more about that here:
https://www.sftu.org/ellis/
@Sarah B. Merriam Webster defines shilling as “to act as a spokesperson or promoter” . While that may be a little harsh, I think the article was uncritical and overly laudatory. Thank you for the information on rent control. To answer my own question, rent control probably does not apply to this building if it was built after June 1979. But the new state rent control law will take effect Jan. 1, 2020 and limit rent increases to 5% plus inflation with a 10% maximum so these tenants would still have protection. Details on statewide rent control and other jurisdictions is here: https://www.nolo.com/legal-encyclopedia/california-rent-control-law.html