Applications for potential openings at an affordable housing complex in San Francisco’s Mission Bay neighborhood will open on Wednesday.
The 148-unit complex at 400 China Basin, which had its grand opening Friday, features condos that are marketed toward first-time homebuyers with certain income levels.
The lottery application period closed last year but applications for any units that go unclaimed will open Oct. 1, according to a news release from the development group behind the project, 350 China Basin LLC.
To be eligible, single applicants must make between $87,300 and $120,000 a year. Couples qualify with an annual income between $99,750 and $137,150, while a family of four would be eligible with an annual income of between $124,700 and $171,450.
The project broke ground in 2022 and was financed by a roughly $43 million loan from Goldman Sachs and a forgivable loan from the city’s Office of Community Investment and Infrastructure for about $83 million.
The building features a rooftop deck, landscaped courtyard, community kitchen and gathering space, recreation space and on-site parking, according to Mayor Daniel Lurie’s office.
For those who qualify, the units are a steal compared to the per-unit development cost of about $906,000.
One-bedroom units are listed for between about $260,000 for those in the lower income range and about $394,000 in the higher income range.
Two-bedroom units are listed between roughly $295,000 and $447,000. Three-bedroom units are listed as low as about $332,000 and as high as about $500,000.
“400 China Basin puts 148 homes and the dream of homeownership within reach for San Francisco’s working families and takes another step to solve San Francisco’s housing shortage,” Lurie said in a statement.
To register for a chance to apply and for more information visit www.400chinabasin.com.