SAN FRANCISCO (BCN) — The Board of Supervisors Budget and Finance Committee on Wednesday approved a $14 million loan to acquire and develop a completely affordable housing project for low- to moderate-income families in the city’s Sunset District — the first of its kind for the neighborhood.

The project at 2550 Irving St. would be a seven-story building of up to 100 units, consisting of studios, one-bedroom, two-bedroom and three-bedroom apartments. At least 40 percent of the units would be set aside for Sunset residents.

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Under the loan agreement, the Mayor’s Office of Housing and Community Development and the Tenderloin Neighborhood Development Corporation will use funding from November 2019’s Proposition A, a voter-approved housing bond, to acquire the property and fund pre-development.

Supervisor Gordon Mar, who is on the Budget and Finance Committee and whose supervisorial district includes the Sunset District, called the loan approval “a historic moment.”

“The Sunset District has historically been a beacon for working and middle-class families but growing inequality and the resultant housing affordability crisis has made it so that moderate and low-income households can no longer afford to stay in the city and parts once considered more affordable like the Sunset,” he said in a statement. “The development at 2550 Irving is one way to restore balance, increasing opportunities for families with children and others currently unable to afford market-rate housing. It embodies our Sunset values and priority on stabilizing working families.”

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Earlier this week, leaders with the city’s Asian and Pacific Islander communities called on the committee to approve the loan, citing the urgent need for affordable housing on the city’s west side, which is home to a large portion of the city’s Chinese community, many of whom are low-income and often live in fear of being displaced.

On Wednesday, president and CEO of the organization Self-Help for the Elderly Anni Chung called applauded the approval.

“The need for these 98 deeply subsidized units for working families and seniors who live in the Sunset were reaffirmed by the committee action. Their pledge to support more affordable housing for District 4 is heartwarming,” she said.

The loan agreement for 2550 Irving St. now heads to the full Board of Supervisors for a vote.

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