Forest City Housing Project Agrees to Allot 40% of Its Units for Affordable Housing

Forest City has agreed to allot 40 percent of its five- million- housing project for affordable housing units by lowering the allocation for parking spaces.

According to sfgate.com, Forest City is set to develop a housing project at the Fifth and Mission Street. As the project approaches its final approvals, the developer decided to increase the number of affordable rental units in their 288- unit- rental building to 87 units compared from its previous allocation of 58 units. The parking spaces will be decreased to 331 spaces from 463.

The housing project will also cater families that are earning 150 percent of the median income in the area which is equivalent to $150,000 for a family of four.

The Forest City's project is also known as the 5M and its project will include "a 614,000-square-foot office complex at Fifth and Howard streets, a 400-unit, 470-foot-tall condominium tower at Fifth and Minna streets, and the rental apartment building on Mission Street between Fifth and Sixth streets."

The 83 affordable units are said to be built at 967 Mission St., between Fifth and Sixth streets. The 5M rental building will also have "35 units at 150 percent of area median income, 17 units at 100 percent of AMI ($100,000 for a family of four) and 35 at 120 percent AMI ($122,000)"

In a report by hoodline.com, Supervisor Jane Kim said "40 is the new 30 when it comes to affordable housing whether you're building on public or private land. I support development in San Francisco but we have to build for San Franciscans. When the majority of San Franciscans qualify for affordable housing, that is who we should be building for and not just market-rate luxury housing."

When the project pushes through, there will be a total of 241 units offered as affordable rental units, an increase from the 212 units previously proposed by the developer. The Board of Supervisors are expected to cast their votes on November 17 to decide whether to continue the project or not.

What are your thoughts with this new affordable housing project? Sound it in the comments!