The City and County of San Francisco entered into a Ground Lease agreement with Five Keys Schools and Programs to operate 42 Otis Street as 100% Permanent Supportive Housing for formerly homeless and low-income households. The property comprises 24 residential units and 5 commercial spaces and will be leased at a symbolic annual rent of $1 for an initial term of five years, with 10 automatic five-year extensions. The project will operate in accordance with the California Surplus Land Act and align with the General Plan's housing policies. The lease will help stabilize vulnerable individuals in the community by providing necessary housing and supportive services.
This decision is crucial in addressing the city's homelessness crisis by providing stable, supportive housing for vulnerable populations, including low-income and formerly homeless individuals. It represents the city's ongoing commitment to solving homelessness and supporting housing equity.