Mercy Housing California has commenced construction on 7th and Brannan, a 221-unit affordable housing community in San Francisco. Completion is planned for mid-2024.
Enterprise Community Partners and Fannie Mae provided $53.3 million in equity investment for the project, through the federal Low-Income Housing Tax Credit program. Chase is contributing with construction and permanent financing, assisted by the San Francisco Mayor’s Office of Housing and Community Development.
The eight-story property will offer apartments for 100 families with low incomes—earning between 50 and 60 percent of the area median income—and permanent supportive housing for 120 families or individuals that went through homelessness, earning 30 to 50 of AMI. Units will range from studios to three-bedroom apartments, with floorplates varying between 545 and 1,030 square feet.
The project also includes 5,000 square feet of ground-floor retail space, designated for small local businesses. Common-area amenities will consist of a laundry room, a community room, bike storage and landscaped courtyards.
Central San Francisco affordable housing
Located in the SoMa neighborhood, between interstates 80 and 280, 7th and Brannan is 1.5 miles of the San Francisco-Oakland Bay Bridge. There are many dining options, retail spaces and entertainment venues in the area, as well as green open spaces, such as Mission Creek Park, Oracle Park and Jackson Playground. Health-care facilities Kaiser Permanente San Francisco Mission Bay Medical Offices and UCSF Medical Center are only 1 mile away from the site.
The location was previously used by the San Francisco Department of Public Health as a testing site during the COVID-19 pandemic. The City and County of San Francisco awarded the plot to developer MHC as a land donation from Equity Residential—the developer of the neighboring market-rate community at 855 Brannan St.
Mercy Housing Management Group will manage the community and Episcopal Community Services of San Francisco will provide supporting housing services. Santos Prescott + Associates is the architecture studio in charge of the design, while Suffolk Construction and Guzman Construction Group teamed up for delivering the project.
Enterprise recently closed its largest LIHTC fund to date—$341.5 million. The fund includes 14 investors and aims to provide financing for 2,997 affordable units in 15 different states.