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Committee recommends ground lease amendment to support rehabilitation of Mariposa Gardens affordable housing
Summary
The committee forwarded a resolution to amend and restate a long-term ground lease with MHDC Mariposa Gardens Associates LP to enable refinancing and rehabilitation of a 62–63-unit, 100% affordable complex at 2445 Mariposa Street; the amendment accommodates lender requirements and maintains an annual base rent of $20,000.
The Budget and Finance Committee on March 10 recommended that the full Board approve an amended and restated ground lease to facilitate rehabilitation of Mariposa Gardens Apartments, a 62–63-unit affordable rental complex at 2445 Mariposa Street in the Mission…
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