Board approves financing and acquisition for 137‑unit 100% affordable 4840 Mission Apartments

The Board of Supervisors on May 4 approved two resolutions to finance and acquire property for the 4840 Mission Apartments, a 137‑unit, 100 percent affordable multifamily rental project currently under construction.

Item 17 authorized acquisition of the real property and approved a loan not to exceed $28,700,000; the board file described an exchange that includes approximately $8,100,000 in credits and a ground lease with base rent of $15,000. Item 18 authorized the city to execute and deliver multifamily housing revenue notes in one or more series in an aggregate principal amount not to exceed $75,000,000 to provide construction financing for the project.

Supervisor Safaie told colleagues the project had been years in the making and praised the project as the district’s first large‑scale, 100 percent affordable family housing development, saying it would include units set aside for households making under 40% of area median income, formerly homeless families, and other working families. The project team will include Bridge Housing and Mission Neighborhood Health Centers, which will operate an on‑site neighborhood clinic and expand dental services, according to statements at the meeting.

The board approved both resolutions by unanimous roll call. Sponsors and supervisors thanked the Mayor’s Office of Housing, project sponsors, community advocates and state and local partners for assembling financing. The clerk recorded 11 ayes.

Ending: With approvals in hand, the project’s financing steps are authorized by the board; construction was already underway at the time of the vote, and the city’s loan and revenue note approvals are intended to complete the financing stack for the development.