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Council approves Mercado Apartments loan amendments to preserve and add affordable units in Barrio Logan
Summary
Council approved amendments to the existing 1994 loan documents for Mercado Apartments to permit substantial rehab of 132 units and construction of 92 new units at 35–60% AMI, extend affordability covenants for 55 years, and proceed with tax‑credit financing.
The City Council on Sept. 8 approved staff recommendations to amend and assume loan documents tied to the Mercado Apartments (Barrio Logan), enabling a substantial rehabilitation of 132 existing units and construction of a new 92‑unit building, for a total of 224 affordable units serving households at roughly 35–60% of AMI.
Michael Wong, program manager for the…
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