MEDA Purchases 2093 Mission St., Continuing Strategy of Anchoring Mission Street Corners

MEDA Purchases 2093 Mission St., Continuing Strategy of Anchoring Mission Street Corners

Christopher Gil
Senior Content Marketing Manager
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
cgil@medasf.org

FOR IMMEDIATE RELEASE
Jan. 4, 2018

MEDA Purchases 2093 Mission St., Continuing Strategy of Anchoring Mission Street Corners
Vital work to keep the Mission Street corridor a place for families to live, work and shop

San Francisco, Calif. — The Mission Economic Development Association (MEDA) has added 2093 Mission Street to its expanding affordable-housing portfolio — the 19th building the nonprofit has bought via San Francisco’s innovative Small Sites program. The latest purchase, with a price tag of $7.75 million, is a two-story, 16-unit building anchoring the bustling corner of Mission and 17th streets.

The building comprises 11 residential units, five commercial spaces (all currently occupied) and a parking lot. The historic building includes an interior space, reminiscent of a courtyard, where a piano school was once housed.

2093 Mission St. meets the main criterion for a MEDA Small Sites Program purchase: low-income residents and family-serving businesses vulnerable to no-fault eviction by speculators. Exemplifying that need is a resident who is senior/disabled, and even a low-income, three-generation Latino family. A Latina-owned beauty salon and a corner market will also keep their permanent homes.

Additionally, as part of MEDA’s Mission Street corridor work includes cultural placekeeping, commercial tenant Endgames, which showcases improv, will keep its place in the neighborhood.

The San Francisco Housing Accelerator Fund (SFHAF) — an innovative public-private partnership with the City of San Francisco, local foundations, private lending institutions and corporations — provided bridge financing until public funds from the Mayor’s Office of Housing and Community Development (MOHCD)’s Small Sites Program are available in one year. This is SFHAF’s fifth loan since its launch last April, representing over $25 million of investment in the preservation and production of over 200 units of affordable housing in the city. “We are thrilled to partner with MEDA on another key acquisition in the Mission, and look forward to continuing to provide them with the nimble capital they need to protect families and longtime residents from displacement,” states HAF Executive Director Rebecca Foster.

While MEDA’s goal is for affordable and stable housing, quality is equally important; therefore, Small Sites Program monies will also be used to refurbish the aging building, including electrical work throughout and rehabbing of several homes of low-income residents.

MEDA Director of Community Real Estate Karoleen Feng explains the strategy of the 2093 Mission St. purchase as follows: “MEDA is working to purchase corner buildings along the Mission Street commercial corridor — especially between Duboce Avenue and Cesar Chavez Street — so that a proper mix exists to meet our families’ housing and small-business needs, reversing a trend of gentrification and displacement. This purchase comes on the heels of MEDA’s purchase of 2205 Mission St., just one block away on the corner of 18th Street, where we will create 40 below-market-rate homes, a new home for Dance Mission and an early learning facility expansion for Mission Neighborhood Centers, Inc.”

The result of this Mission Street corridor strategy will be that the Mission is a strong and supportive community for Latino residents, businesses and institutions.

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About Mission Economic Development Agency (MEDA)
Rooted in the Mission and focused on San Francisco, MEDA’s mission is to strengthen low- and moderate-income Latino families by promoting economic equity and social justice through asset building and community development.
medasf.org

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