SAN FRANCISCO, Nov. 10, 2009---San Francisco is celebrating the grand opening of Mission Walk, the first below-market-rate, for-sale homes in the new Mission Bay neighborhood. Mission Walk is a development by Berry Street LLC (an affiliate of BRIDGE Housing Corporation) and the San Francisco Redevelopment Agency (SFRA). The grand opening ceremony commences today at 11 am at 335 Berry Street, San Francisco.

Mission Walk provides 131 for-sale condominiums and townhomes (25 one bedrooms, 82 two bedrooms and 24 three bedrooms) in two five-story buildings; each building features an on-grade parking garage and landscaped courtyard. The development was designed to Leadership in Energy and Environmental Design (LEED) certifiable levels.

The homes are priced to be affordable to households that earn 80 to 100 percent of the 2008 area median income (up to $94,300 for a family of four) and are part of the SFRA’s Limited Equity Program. Sales prices range from $159,000 to $303,000, in a neighborhood where market-rate condos are priced from $500,000 and up.

"With the opening of Mission Walk, the Redevelopment Agency's affordable housing work in the Mission Bay North Redevelopment Project Area has been successfully completed,” said SFRA Executive Director Fred Blackwell. “The Agency will next turn its affordable housing efforts to Mission Bay South. We are very excited to offer 131 families the opportunity to own their home in this affordable, high quality community with immediate access to Mission Bay's family-friendly park and recreational amenities.”

Mission Walk is the fourth SFRA-assisted affordable housing development and the first SFRA-assisted affordable ownership development in Mission Bay. The SFRA uses a limited-equity homeownership program which balances the goals of long-term affordability and increased homeowner equity.

“For-sale homes such as Mission Walk are an important part of the array of affordable housing choices,” said Lydia Tan, Interim President and CEO of BRIDGE Housing. “We’re glad to present this ownership opportunity to working families in San Francisco, so they can afford to stay in the city and live closer to their jobs and transit.”

Financing for Mission Walk is being provided by the San Francisco Redevelopment Agency; Wells Fargo Bank, N.A.; the State of California Housing and Community Development BEGIN Program; and BRIDGE Housing Corporation Mortgage Assistance Program. The architect is Leddy Maytum Stacy, the associate architect is FullCircle Design Group and the general contractor is James E. Roberts-Obayashi Corp.

Grand opening speakers include Olson Lee, Deputy Executive Director, Housing, San Francisco Redevelopment Agency; Jeff Bennett, Vice President, Wells Fargo Bank; BRIDGE Housing Interim President and CEO Lydia Tan; and Kim Nash, Project Manager, BRIDGE Housing.

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NOTE TO EDITORS: Photographs of Mission Walk are available; please contact Lyn Hikida at 415.321.3552 or lhikida@bridgehousing.com to request.