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Committee backs amended predevelopment loan to advance 137-unit 100% affordable project at 4840 Mission
Summary
Supervisors advanced a resolution to provide an amended predevelopment loan for 4840 Mission, increasing the city's predevelopment loan to pay off acquisition financing and support additional predevelopment expenses for a planned 137-unit 100% affordable housing project that includes expanded clinic space.
The Budget and Finance Committee on Dec. 2019 voted to forward to the Board of Supervisors a resolution to amend a predevelopment loan for a 137-unit affordable housing project at 4840 Mission.
Supervisor Aasha Safaei described the site as the first opportunity in District 11 for 100% affordable housing and said earlier private-developer negotiations with a national grocer had stalled when the grocer sought free rent concessions. Safaei credited state housing law and staff work for allowing the project to move forward and said the plan expands the project footprint and adds 23 units to reach 137…
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