Golden Gate Apartments
1820 Post Street
San Francisco, San Francisco County, California 94115

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Funding Programs

Golden Gate Apartments was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Golden Gate Apartments has a project-based Section 8 contract. 24 of the 71 total units at the property receive Section 8 assistance. This means that 34% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on August 01, 2015 and the contract expires on July 31, 2035. The Section 8 contract rent is 69.1% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,412.00 for Zero Bedroom, $1,814.00 for One Bedroom, $2,289.00 for Two Bedroom, and $2,987.00 for Three Bedroom.

28% of California properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Low Income Housing Tax Credit

The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 1999 for $241,830 with a 10 year value of $2,418,300. The property was placed in service in 2000. 55 of 71 units at Golden Gate Apartments are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract and a Difficult Development Area qualifying it for additional tax credit financing.

Overview

Golden Gate Apartments is an affordable apartment community located in San Francisco, California which is located in San Francisco County. The property is located in California's 12th Congressional District served by Representative Nancy Pelosi (D), Senator Kamala Harris (D) and Senator Dianne Feinstein (D).

Golden Gate Apartments is an apartment community containing 27 rental units. This property serves all family types. The property contains 50 bedrooms and based on typical apartment occupancy limits, Golden Gate Apartments is home to not more than 99 persons when fully occupied.

Rent Subsidies

Golden Gate Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in San Francisco, CA by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Golden Gate Apartments contains a mix of 27 assisted studio, one, two, three, and four bedroom apartments for rent. There are 3 Studio, 8 One Bedroom, 9 Two Bedroom, 4 Three Bedroom, and 3 Four Bedroom apartments in this property. The unit mix is 11% Studio, 30% One Bedroom, 33% Two Bedroom, 15% Three Bedroom, and 11% Four Bedroom apartment rentals. The average bedroom size for Golden Gate Apartments is 0.7.

California's 12th

Congressional District

27

Total Units

55

Tax Credit Units

24

Project Based Sec. 8 Units

69.1

% of Fair Market Rent

31-Jul-35

Project Based Sec. 8 Contract Expiration

Studio, One, Two, Three, and Four

Unit Mix

0.7

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data