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Loans To Help Build Homes, Clean Up Land In SF

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Oct 15, 2009 7:42 pm US/Pacific

Loans To Help Build Homes, Clean Up Land In SF

 Environment & The Green Beat
SAN FRANCISCO (CBS 5 / KCBS) ― State and federal officials are providing for builders to construct homes and apartment buildings on formerly toxic waste sites.

The $5 million in loans will be used to help build apartments, parks and retail space.

Near San Francisco's Mission Bay in the 2200 block of Third Street, nearly 200 apartment units are going to be built.

Most will be at market value, but rents for low income, one-bedroom apartments will be as low as $500 a month.

Patrick McNerney of Martin Builders said it's taken several years to get the proper permits from city officials to clean up the lead on the site and begin construction.

"Looking back, this has been an unbelievably arduous process. Today, the fact that we're under construction. This is awesome, this is fantastic," McNerney said. " We're very excited as a company. There's certainly so many government agencies that are excited about this too, the city and state and even some on the federal level. So this is a great moment.

It is hoped that people can move in as early as 2011. As for the jobs created, they can be obtained through the unions on site.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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© MMIX, CBS Broadcasting Inc. All Rights Reserved.