While the going price for a new studio apartment in San Francisco is averaging over $2,400 a month and Mid-Market one-bedrooms are running closer to $3,500 for 700 square feet of space, eleven (11) of the new one-bedrooms in the 273 unit building nearing completion at 55 Ninth Street between Market and Mission dubbed “AVA” will be available for $1,066 a month, twenty-one (21) two-bedrooms for $1,192. One 528-square-foot studio will be rented for $939 a month.
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 33 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.
While the maximum income for a single person is $38,950 a year, the minimum income for any of the units in the building will be two-times the monthly rent: $25,584 a year for a below market rate one-bedroom and $28,608 for a two. Twelve parking spaces for the BMR units will be available at a discounted rate of $100 a month.
Applications for the 33 apartments are due by 5pm on January 21, 2014.