San Francisco approves $11M acquisition for affordable housing at 4200 Geary Boulevard

The San Francisco County government meeting on July 4, 2025, focused on two significant resolutions aimed at advancing affordable housing initiatives in the city. The primary discussion revolved around the property located at 4200 Geary Boulevard, where plans for a new affordable housing development were outlined.

Item 11 of the meeting agenda authorized the acquisition of the property by the Mayor's Office of Housing and Community Development (MOHCD) for approximately $11 million. This acquisition is part of a broader effort to construct a 100% affordable housing project that will include 98 units specifically designed for low-income senior households. The project will also feature one manager unit and ancillary commercial space. The resolution allows for a 75-year ground lease back to the original owners, with an annual rent of $15,000, ensuring the property remains dedicated to affordable housing.

In addition to the property acquisition, the resolution includes an amended loan agreement of up to $20.5 million to finance the development and construction of the project. The city has declared the property as exempt surplus land under California law, emphasizing its public purpose in addressing the housing needs of low-income residents.

Item 12 authorized the issuance of tax-exempt multifamily housing revenue bonds, not exceeding $60 million, to finance the construction of the affordable housing project. This funding will support the development of 98 residential units, which will include a mix of studio and one-bedroom apartments, catering to seniors and those at risk of homelessness.

The MOHCD highlighted the importance of this project, noting it is the first affordable senior housing development in the Richmond district since 2011. The initiative is part of a larger strategy to meet housing element goals and provide safe, affordable homes for aging adults on fixed incomes. The project is expected to begin construction in April 2023, with a completion date anticipated in December 2024.

Overall, these resolutions mark a significant step forward in San Francisco's efforts to expand affordable housing options for its residents, particularly for vulnerable populations such as seniors. The city officials expressed gratitude for the collaborative efforts that have brought this project to fruition, underscoring the ongoing need for affordable housing solutions in the area.