While the going price for a new studio apartment in San Francisco is averaging over $2,300 a month, and NEMA’s model unit would rent for closer to $2,500, twenty-two of the brand new studios in the luxury building at the corner of Market and Tenth will be rented for $939 a month and sixteen one-bedrooms will be rented for $1,066.
So what’s the catch? As part of the Mayor’s Office of Housing and Community Development Below Market Rate (BMR) Rental Program, applicants for the 38 BMR units cannot make more than 55 percent of the area median income, which means a single person can make no more than $38,950 a year, a couple can make no more than $44,500.
Other restrictions for the 38 below market rate mid-market units include a credit score of at least 600; no record of a previous eviction for the applicants; and the ability to pass a federal background check. And while the maximum income for a single person is $38,950 a year, the minimum income is $28,170.
Applications are due by 5pm on August 30, 2013. Pass it along.
∙ Average Rent For A Studio In San Francisco: Over $2,300 A Month [SocketSite]
∙ Your First Real Peek Inside NEMA At Market And Tenth [SocketSite]
∙ NEMA (18 10th Street) Below Market Rate Apartment Program [sf-moh.org]