San Francisco Board approves $90M financing for Balboa Park affordable housing project

In a recent San Francisco County government meeting, significant discussions centered around the approval of multiple contracts and resolutions aimed at enhancing infrastructure and affordable housing in the region. The meeting, held on July 4, 2025, highlighted the county's ongoing efforts to address critical needs in transportation and housing.

One of the key topics was the approval of modifications to existing contracts for escalator and elevator maintenance at the San Francisco International Airport. The committee approved a $16.2 million increase to the escalator maintenance contract with KONE Inc., extending the contract term by three years. This modification is crucial for maintaining the airport's accessibility and safety, as it covers maintenance for 181 escalators and electric walkways. Similarly, a $12.6 million increase was approved for the elevator maintenance contract with TK Elevator Corporation, also extending its term by three years. Both contracts are expected to yield significant annual savings through negotiated reductions in maintenance costs.

The meeting also addressed the pressing issue of affordable housing, with the committee approving a series of resolutions related to the Balboa Park Upper Yard project. This initiative aims to construct a 131-unit multifamily rental housing project, with financing not to exceed $90 million. The project is designed to provide affordable housing for very low and low-income households, with a portion of the units specifically set aside for families relocating from the Hope SF program. The project also includes commercial space and community resources, reflecting a comprehensive approach to community development.

The Mayor's Office of Housing and Community Development presented the project, emphasizing its importance as one of the first affordable housing developments in the district in over two decades. The project has undergone extensive community engagement, ensuring that it meets the needs of local residents.

Overall, the meeting underscored San Francisco County's commitment to improving infrastructure and addressing housing shortages. The approved contracts and resolutions are expected to enhance the quality of life for residents while supporting the county's long-term development goals. As these projects move forward, they will play a vital role in shaping the future of San Francisco's urban landscape.