Shirley Jackson, put down that rock! At 7:30 a.m. yesterday, the SF Redevelopment Agency hosted a low-income housing lottery that attracted over 4300 applicants. The SF Redevelopment Agency, along with Centurion Real Estate, are offering 20 condos right by
Pac Bell SBC AT&T Park at crazy prices -- studios, one-bedrooms, and two-bedrooms with market values between $500,000 to $1.3 mill are going for between $85-233K.
They're offering 7 houses to low-income residents (about $46,500 for a single person, and $66,500 for a family of four) and 13 to moderate-income residents ($73,150 single, $104,500 family of four), with preference going to people who were previously displaced from low-income housing. There's also a cap on the equity you can build up in the house (the Redevelopment Agency will set your resale price when you move, so other low- or moderate-income families can move in). But you certainly can't beat the view in that neighborhood!
150 names were drawn, but pretty much everyone expects that the first 20 people are going to snap up their houses, if they can qualify for fixed-rate mortgages. Don't worry, though, SF expects to make more such opportunities available in the Mission Bay area, the Western Addition, and Bayview/Hunters' Point.