Permanently affordable. Advancing BIPOC cooperatives In San Francisco.
Dec 15, 2021
Dec 15, 2021
Limited equity homeownership. For BIPOC communities. Preventing displacement. Of BIPOC residents in San Francisco. Permanently affordable. 40 units made permanently affordable through the Community Land Trust Model. Advancing BIPOC cooperatives. In San Francisco. Central location. In the Tenderloin District. Experienced developer. 12 projects in their portfolio.
The purchase of 285 Turk Street by San Francisco Community Land Trust is expected to stabilize 40 units of housing and keep them affordable in perpetuity for majority BIPOC community that currently lives there. The building is a 7-story, 28,000sf mixed use building, with 40 residential units and 2 commercial units on the ground floor. It is located in the heart of the bustling Tenderloin neighborhood at the intersection of Turk and Leavenworth, in a quickly gentrifying neighborhood. With a total acquisition cost of $9,486,722 and some planned renovations, the total project cost is expected to be around $10,374,432. Over the period of five years, SFCLT will work with residents to form a Limited Equity Housing Cooperative, who will then own shares in the building entitling them to live in the unit, transfer it with a modest appreciation, and to pass these entitlements on as an inheritable right to their partner, children, or other descendants.