OCII approves $200K increase for Hunters Point Legacy Foundation homeownership program

The San Francisco City Commission has approved a significant funding boost for the Legacy Foundation's down payment assistance program, increasing the budget by $200,000 to a total of $380,000. This decision, made during a recent meeting, aims to support first-time homebuyers in District 10, particularly those holding certificates of preference (COP) who are seeking to purchase homes in the upcoming 400 China Basin development.

Lila Hussain, senior project manager at the Office of Community Investment and Infrastructure (OCII), presented the amended memorandum of understanding (MOU) with the Mayor's Office of Housing and Community Development (MOHCD). The additional funds will be allocated for forgivable loans, with each loan estimated at $38,000, allowing for five loans to be issued. The program is designed to assist low and moderate-income individuals, helping them achieve homeownership in a city where housing prices are notoriously high.

The Legacy Foundation, established through the phase 1 Disposition and Development Agreement (DDA), has already seen success with its initial funding, which provided five forgivable loans in 2021. The new phase of the program will prioritize COP holders for the first four years, reflecting a commitment to support those most in need.

Public comments during the meeting highlighted the importance of outreach to ensure that eligible individuals are aware of the program. Oscar James, a COP holder, emphasized the need for better communication and access to information for those who may be homeless or living outside the city.

The commission's approval of this funding marks a proactive step towards addressing housing challenges in San Francisco, particularly for marginalized communities. As the city continues to grapple with rising living costs, initiatives like the Legacy Foundation's program are crucial in fostering equitable access to homeownership.