The Mission Economic Development Agency (MEDA) and BRIDGE Housing Corporation propose to co-develop and preserve the Mission/Castro cluster, a grouping of over 400 apartments for seniors, to sustain and expand affordable housing opportunities in San Francisco. With this partnership, the power of MEDA’s community-based vision and asset-building approach will be complemented by BRIDGE’s strength as an affordable-housing developer, owner, property manager and resident services agency. The result? A vital means to ensuring neighborhood stability and preventing displacement.
Luis Granados, Executive Director of MEDA, proudly exclaims, “The Development Team is aware of the challenges of preserving these Housing Authority properties for the senior and disabled residents of the Mission/Castro. I know our talented team will successfully address these issues by working closely with SFHA, MOHCD and the Cohort.”
As San Francisco now has the highest rents in the country, MEDA and BRIDGE will act as co-developers to ensure that housing remains affordable.
Karoleen Feng, MEDA’s Director of Community Real Estate, says, “In the context of the city’s current housing crisis, owning a portfolio of over 400 apartments is an initial step in re-establishing affordable housing production in the Mission District. Now the focal point of San Francisco’s housing crisis, with its central location and increased demand, Mission District rents have become astronomical.”
Since most of the new development in the Mission/Castro neighborhood caters toward high-end renters and owners, with a paucity of production of affordable housing in the last decade, supply is extremely tight. Sadly, this has been forcing families out of the area.
Change can now begin, as MEDA and BRIDGE have positioned themselves at the vanguard of preserving housing for low- and moderate-income residents of the city.