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Board approves $18.5 million loan for 137-unit all-affordable development at 4840 Mission
Summary
The Board of Supervisors unanimously approved an $18.5 million loan for predevelopment financing for a 137-unit, 100% affordable multifamily project at 4840 Mission Street. The total project cost is roughly $83 million; city and nonprofit partners expect construction to begin about a year from now.
Supervisor Safa Yi announced the Board's unanimous approval of an $18,500,000 loan to support predevelopment work for a 137-unit, 100% affordable rental project at 4840 Mission Street.
The project, she said, represents “the first ever family affordable housing ever constructed in District 11,” and converts a prior market-rate plan into fully affordable housing with expanded clinic space and retail. “This is a very important development for my district,” Supervisor Safa Yi said. “We are super…
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