More news and a BOS approval date, from
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District 6 Supervisor Jane Kim announced today that Forest City has signed an agreement to make 40 percent of the residential units in its 5M Project affordable, up from the planned 33 percent.
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With this new development agreement, 241 of 601 units will be offered below-market-rate, which is up from the 212 units the developer previously agreed to provide. Affordable units will include 87 onsite for middle-income households; 71 in the Tenderloin Neighborhood Development Corporation's Eddy & Taylor Family Apartments (with 25 percent of the units allocated for applicants earning 25 percent area median income (AMI) and 75 percent earning 50 percent of the AMI); as well as land and funding to build 83 units of senior housing at 967 Mission St. for people earning 50 percent of the AMI.
The Chronicle also notes that the development's planned parking will be reduced from 463 to 331 spaces.
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The full Board of Supervisors is expected to vote on the project Nov. 17th.
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