Mission developer reveals plan for below-market-rate units 

click to enlarge The developer for the proposed 10-story apartment project at 1979 Mission St. has announced that one-third of units will be designated as below-market-rate housing. - COURTESY RENDERING
  • Courtesy rendering
  • The developer for the proposed 10-story apartment project at 1979 Mission St. has announced that one-third of units will be designated as below-market-rate housing.

A housing project proposed near the 16th Street BART station expanded its tenancy options for middle- and low-income people, calling the proposal a first of its kind for San Francisco.

In a statement Wednesday, representatives for the 1979 Mission St. project said one-third of the proposed 10-story apartment building — often referred to as the "Monster in the Mission" — would be designated as below-market-rate housing, with 41 "middle-class homes" offered for sale. Revenue from those sales would then go to building 49 apartments for rent to those making 30 to 55 percent of the area's average median income.

The 41 homes would be the only units for sale in a building of 290 rental apartments. They would be priced between $280,000 and $350,000 for households earning more than $61,000 a year but less than $145,650. These funds would then be reinvested by the developers to build the other below-market-rate apartments.

The below-market-rate rental studios would be rented to individuals earning less than $20,400, while Households making under $53,400 annually would qualify for three-bedroom apartments at $1,335 a month. Studios would rent at $510 per month for singles making less than $20,400 a year.

The project also includes a commercial space developers dubbed a Mercado, where "local neighborhood serving businesses and artists will have new opportunities to sell their food and products," the statement said.

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