When the developer, Lennar, began talking about this project, people in the community said they want more than just affordable homes and businesses. They want jobs and training. It was agreed that Lennar would give $37 million towards job training and housing assistance.
On Thursday, the first installment was given in a ceremony at City Hall, $7.3 million. Some of the training could be in the area of construction or anything that would help people find jobs so that the community may prosper. In the area of housing, it would mean helping people with down payments. The San Francisco Foundation will act like a gatekeeper, deciding how the money is spent in those two areas.
For those who have been skeptical about this project, San Francisco Mayor Ed Lee says the money is in the bank. "Believe it now. It's here and it's working with us and the money is in the bank. In the next six months, we'll actually have those programs that they want to prioritize, to get job training and job creation and education going with residents involved in these projects," he said.
In all, 12,500 homes will be built in the area. Once Candlestick Park is torn down, a retail and entertainment center will be built near the location with more homes around it. Construction on Phase I has started. The entire project will take between 17 and 10 years to complete.