Mariposa Gardens Apartments
530 Potrero St
San Francisco, San Francisco County, California 94110

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Funding Programs

Mariposa Gardens 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

Mariposa Gardens Apartments has a project-based Section 8 contract. 62 of the 63 total units at the property receive Section 8 assistance. This means that 98% 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 September 19, 2004 and the contract expires on September 18, 2024. The Section 8 contract rent is 135.9% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,814.00 for One Bedroom, $2,289.00 for Two Bedroom, $2,987.00 for Three Bedroom, and $3,556.00 for Four 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 2003 for $706,142 with a 10 year value of $7,061,420. The property was placed in service in 2004. 62 of 63 units at Mariposa Gardens 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 Difficult Development Area qualifying it for additional tax credit financing.

Overview

Mariposa Gardens 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).

Mariposa Gardens Apartments is an apartment community containing 62 rental units. This property serves all family types. The property contains 147 bedrooms and based on typical apartment occupancy limits, Mariposa Gardens Apartments is home to not more than 291 persons when fully occupied.

Rent Subsidies

Mariposa Gardens 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

Mariposa Gardens Apartments contains a mix of 62 assisted one, two, three, and four bedroom apartments for rent. There are 5 One Bedroom, 31 Two Bedroom, 24 Three Bedroom, and 2 Four Bedroom apartments in this property. The unit mix is 8% One Bedroom, 50% Two Bedroom, 39% Three Bedroom, and 3% Four Bedroom apartment rentals. The average bedroom size for Mariposa Gardens Apartments is 2.33.

California's 12th

Congressional District

62

Total Units

62

Tax Credit Units

62

Project Based Sec. 8 Units

135.9

% of Fair Market Rent

18-Sep-24

Project Based Sec. 8 Contract Expiration

One, Two, Three, and Four

Unit Mix

2.33

Average Bedroom Size

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