worked tirelessly day to day on the city side deserve acknowledgment and we wouldn't be here without olson lee who serves with the mayor lee of community development. i think you involved with this for 20 years -- 18 years. pretty close. i think that takes it and the mayor lee staff and kevin, anne romero and takes a village at least on the city side because it's taken so long and our housing staff, george bridges with contract compliance and focialer agency staffers who aren't here today and deserve a shout out and michelle davis and others and certainly i see my colleagues in the city and paula johnson from the mayor lee on disability and she did the disability check on this building, certainly a labor of love and because of the mayor's charge our director has his hands full but he moved this along and certainly the planning department which permitted it and i want to thank you all the for your participation and i will introduce our site development leader with bank of america. [applause] >> good morning. what a beautiful day for our grand opening. i am ari. i am here representing bank of am

. >> supervisors, olson lee, director of mayor's office of housing. as director updike mentioned we're very early in the process, and the level of affordability specified in these agreements are related to the use of taxes and bonds for the financing of this development. so, these units will be affordable. at no greater than 50% of median income. so, they're going to be relatively affordable. and i presume that the workers of good will would be income eligible for those, those particular units. one of the questions is, you know, are they, in fact, low enough to actually serve those employees. but the base obligation for any new multi-family development based upon prop c is 12%. and, so, this is an increase in that air of affordability by 8 percentage points. so, there are going to be over 130 units of affordable housing here at 50% of income for which the mayor's office of housing community development is not subsidizing it. and we will actually be the other party responsible for issuing the bonds and monitoring the ongoing affordability and ensuring

lee for joining us today. thank you. we have supervisor jane kim. thank you for being here. we have the housing and community development. there he is. hi olson. we have tiffany from the office of community investment and infrastructure. we have bank of america here and merrill lynch and i want to say a special thank you to bank of america for sponsoring this event today so we can celebrate. we have a board member that hasn't hasn't arrived yet. is dennis here? this is a well designed building that fits into this urban care. there are things that you might not know that i will share with you today and you may have all of this history. this site used to be a good will warehouse and damaged in the 89 earthqua a

lee for joining us today. thank you. we have supervisor jane kim. thank you for being here. we have the housing and community development. there he is. hi olson. we have tiffany from the office of community investment and infrastructure. we have bank of america here and merrill lynch and i want to say a special thank you to bank of america for sponsoring this event today so we can celebrate. we have a board member that hasn't hasn't arrived yet. is dennis here? this is a well designed building that fits into this urban care. there are things that you might not know that i will share with you today and you may have all of this history. this site used to be a good will warehouse and damaged in the 89 earthquake and was vacant for a long time. in about 2007 the parcel was programmed for affordable ownership housing but unfortunately because of the economic downturn and the mortgage melt down it was reenvisioned and fortunately then into affordable rental housing. that was coupled with the incredible demand for renters in the city of san francisco and allowed the project to move forward. the site is very small. you wouldn't quite know it consideri