The City and County of San Francisco approved a resolution authorizing the Mayor’s Office of Housing and Community Development (MOHCD) to execute loan documents for the permanent financing of 2901-16th Street. This financing, not to exceed $30,000,000, is part of the Small Sites Program aimed at preserving affordable housing. The property includes 63 low to moderate income residential units and 8 commercial units. The project, under the ownership of MEDA Small Properties, LLC, is crucial in stabilizing the housing situation for existing tenants by converting the property into permanently affordable housing.
This decision is pivotal in maintaining affordable housing in San Francisco, ensuring that the property remains accessible to low and moderate-income residents, thus preventing displacement and contributing to the long-term stability of the community.