A family of at least two people who collectively earn $138,000 or less per year will likely soon qualify for one tier of San Francisco's affordable housing that would allow them to buy a home unit, following Tuesday's Board of Supervisors meeting.
Under the city's previous policy, last updated in 2002, only those who earned 55 percent of the typical San Francisco median household income or less were able to utilize the option to buy affordable housing, per ABC. With the new proposal, families of at least two who are together earning up to 150 percent of San Francisco's median income can take advantage of that amendment.
Based on the Mayor's Office of Housing and Community Development median salary outlines, that means any family of at least two earning less than $138,400 qualifies.
The deal isn't yet finalized; with Tuesday's changes to the law, the Board of Supervisors will have to review and approve the changes again at their next meeting in order for the policy to be finalized.
"Because there were new amendments yesterday introduced to it, it has to be passed again," said Supervisor London Breed's Chief of Staff Michael Howerton.
That amendment, however, doesn't apply to those who hope to rent an apartment in San Francisco using affordable housing guidelines. According to the revised legislative digest, residents who earn less than 90 percent of the median San Francisco income — $83,050 total for a family size of two people, or less for a single person — can qualify for a "moderate-income"-designated unit. To qualify for the higher-tiered "middle-income"-designated unit, a family can earn up to 130 percent of the median San Francisco income, which works out to be just shy of $105,000. (To qualify for units specified for low-income residents, a family of two must earn around $63,000 or less, or less for a single person.)
"This new legislation has ranges," Howerton adds.
Supervisors also added that at least 25 percent of all new units must contain two or three bedrooms, and that 10 percent of those be three bedroom units.
In addition to the above law change, supervisors approved another piece of legislation relating to the required percentage of affordable housing units in new developments, particularly in relation to larger properties.