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Committee forwards $4.1M acquisition and $12.4M financing package for 35‑unit affordable studio development at 3300 Mission
Summary
The committee recommended Board approval of a city acquisition of 3300 Mission Street for approximately $4.1 million and related financing to support a 35‑unit, 100% affordable studio development supported by tax credits and a $1,000,000 limited payment guarantee.
The Budget and Finance Committee on Sept. 25 recommended the Board authorize acquisition of properties at 3300/3306/3308 Mission Street for approximately $4.1 million and related financing and ground lease arrangements to enable a 35‑unit, 100% affordable studio rental development.
William Wilcox of MOHCD said the project will deliver 35 studios affordable to households at 30% to…
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