HUD-Insured Project Coming Soon to Downtown San Francisco

This new seven-story residential structure will provide 326 studio, one- and two-bedroom rental units at 333 Harrison Street in downtown San Francisco.  The $70 million FHA-insured multi-family housing project will generate an estimated 600 jobs for members of the area's building and construction trade unions. The construction began in July 2011. The project makes 49 units available as affordable housing to tenants earning no more than 30 percent of area median income. Additionally, the developer, Emerald Fund, will develop an adjacent parcel as a green space/park area for use by residents and others living nearby in the community.

The 333 Harrison project is situated near the Transbay Transit Center, a major redevelopment project in the City which will be a mass-transit hub for the region's public bus and rail systems. Red Mortgage Capital, the HUD Multifamily Accelerated Processing (MAP) lender, worked with the HUD San Francisco Multi-Family Hub. This project is a good fit for HUD's Sustainable Housing and Communities programs, because it connects housing to jobs. The program coordinates federal housing and transportation investments with local land use decisions in order to reduce transportation costs for families, improve housing affordability, save energy, and increase access to housing and employment opportunities. By ensuring that housing is located near job centers and affordable, accessible transportation, HUD nurtures healthier, more inclusive communities that provide opportunities for people of all ages, incomes, races, and ethnicities to live, work, and learn together.

To read the full story check out the link to the article in Multi-Family Housing News: http://www.multihousingnews.com/news/todays-deals-red-capital-finances-70m-new-construction-loan/