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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 excited about this project.”
The mayor's office and Bridge Housing are partners on the project; Supervisor Safa Yi said the overall development cost is about $83,000,000 and that recent changes increased unit counts and added a doubled footprint for Mission Neighborhood Health Center. The supervisor said the city is committing to filling remaining financing gaps and expects to break ground around this time next year.
The loan was called as part of the regular agenda and adopted unanimously; no separate recorded roll-call on the item was provided in the transcript beyond the consent votes noted earlier. The resolution authorizes the Mayor's Office of Housing and Community Development to execute a loan agreement “in an amount not to exceed $18,500,000” for predevelopment financing.
Contract and financing details to follow include the project's mix of income-targeted units and the expanded health clinic, but the transcript shows the Board did not discuss additional covenants or specific affordability layers at length during the item. The loan will support predevelopment activities; further approvals and funding commitments were described as still required to reach construction financing.
City officials and project partners will proceed with the next financing steps and cease any presumption that construction financing is final until additional commitments are in place. Supervisors expressed thanks to staff and project partners for advancing the 100% affordable family housing project for District 11.
