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The first building to be developed under HIU'S new inclusionary housing program, nine of the building's condominium units have been reserved for the tenants of the original buildings displaced by the new construction.
For buyers taking advantage of the city's Inclusionary Housing Program for affordable housing, the site has a maximum residential buildable square footage of 764,000 square feet.
Landlord participated in the City's R10 Inclusionary Housing Program, which allowed for rental to income-eligible tenants at affordable rents.
The city's experience with its voluntary inclusionary housing program is instructive.
This project demonstrates that this fund can complement the City's Inclusionary Housing Program to improve homeownership opportunities for middle income San Franciscans," said Newsom.
Eliminating parking requirements for affordable units would lower the building costs, said the DCP, and incentivize the use of the Inclusionary Housing Program which provides a floor area bonus in exchange for the provision of permanently-affordable housing.
Nearby cities that have some form of an inclusionary housing program include Agoura Hills, Hidden Hills, Port Hueneme and Oxnard.
Constructed by Pleasant Hill based DeNova Homes, these homes are being sold at below market rates as part of the City of Walnut Creek's inclusionary Housing program for families who qualify as moderate income buyers.