San Francisco housing prices are notoriously high, and they have only risen in recent months. Due to the high rents and home prices, affordable housing is something that many San Franciscans are looking for, and while it can be hard to find, there is a unique opportunity for San Francisco artists to buy a home at an unusually affordable price.
Artist Space Trust home ownership opportunity
The Artist Space Trust is a program that works to help artists live and work in San Francisco, creating the Artist Housing Commons, which is a network of housing and work spaces not in the typical for-profit real estate market.
The program currently has a house for sale for only $425,000. The home has three bedrooms and one bathroom and is intended for artists and their families. There is even the possibility of $100,000 down payment assistance. The home is located in the Mission District and can house 2 to 7 people. There are many other requirements, such as attending an open house and an information session. Any artists can apply; however, those who are currently living or working in San Francisco County and who have a demonstrated connection to the Mission District will have additional preference in the lottery.
Applicants must have “an active and ongoing art practice” and have an income at or below 80% of the area’s median income for the size of the household. Finally, applicants must be first-time home buyers to qualify.
Applications opened on October 1 and will close on November 22. You can find the full list of requirements and how to apply on the Artist Space Trust website.