Ocean Beach Apartments
740 La Playa Street
San Francisco, San Francisco County, California 94121

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Funding Programs

Ocean Beach 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

Ocean Beach Apartments has a project-based Section 8 contract. 85 of the 85 total units at the property receive Section 8 assistance. This means that 100% 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 October 01, 2006 and the contract expires on September 30, 2026. The Section 8 contract rent is 97.7% 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, 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 2001 for $480,527 with a 10 year value of $4,805,270. The property was placed in service in 2002. 84 of 85 units at Ocean Beach 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

Ocean Beach 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).

Ocean Beach Apartments is an apartment community containing 85 rental units. The property contains 146 bedrooms and based on typical apartment occupancy limits, Ocean Beach Apartments is home to not more than 278 persons when fully occupied.

Rent Subsidies

Ocean Beach 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

Ocean Beach Apartments contains a mix of 85 assisted one, two, and three bedroom apartments for rent. There are 27 One Bedroom, 55 Two Bedroom, and 3 Three Bedroom apartments in this property. The unit mix is 32% One Bedroom, 65% Two Bedroom, and 4% Three Bedroom apartment rentals. The average bedroom size for Ocean Beach Apartments is 1.72.

California's 12th

Congressional District

85

Total Units

84

Tax Credit Units

85

Project Based Sec. 8 Units

97.7

% of Fair Market Rent

30-Sep-26

Project Based Sec. 8 Contract Expiration

One, Two, and Three

Unit Mix

1.72

Average Bedroom Size

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