Casa Adelante – 1990 Folsom Affordable-Housing Development Has Closed On Construction Financing

Casa Adelante – 1990 Folsom Affordable-Housing Development Has Closed On Construction Financing

Christopher Gil
Associate Director of Marketing and Communications
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
cgil@medasf.org

FOR IMMEDIATE RELEASE
March 27, 2019

Casa Adelante – 1990 Folsom Affordable-Housing Development Has Closed On Construction Financing
Groundbreaking slated for spring for 143-unit 100 percent affordable-housing development

San Francisco The Mission Economic Development Agency (MEDA) and Tenderloin Neighborhood Development Corporation (TNDC) have announced that their new construction at 1990 Folsom at 16th Street in San Francisco’s Mission District has closed escrow on its construction financing. The Casa Adelante – 1990 Folsom development will comprise 143 affordable apartment rentals.  

The project concept will transform a vacant and underutilized property into a beautifully designed, mixed-use development that will increase pedestrian and resident safety in the area by bringing eyes to the street. To root and build the community and the future residents of Casa Adelante – 1990 Folsom, the ground floor will feature Mission-based arts/cultural organizations plus early care and education services. Such cultural placekeeping is much needed in the Mission.

MEDA and TNDC have partnered with Leddy Maytum Stacy Architects (LMS Architects) to bring this project to life. Based on feedback from the community and the City of San Francisco, the building’s unit mix will offer over 50 percent two- and three-bedroom units.

Explains MEDA Director of Community Real Estate, Karoleen Feng, “Casa Adelante – 1990 Folsom is the third to close of the five affordable-housing developments in our organization’s pipeline. We are upending the narrative in the Mission, as there are solutions and options for affordable housing. MEDA is honored that in conjunction with our valued partner, TNDC, our families have affordable and stable housing.”

Echoes TNDC Chief Executive Officer Don Falk,TNDC was founded in 1981 with the goal of protecting the Tenderloin from the seemingly inevitable gentrification and displacement that threaten the neighborhood. Today, we are proud to work with partners in other San Francisco communities, like MEDA in the Mission, to reduce the rate of displacement of people with low incomes and people of color out of the city.”

Located on the site of a former bakery, Casa Adelante – 1990 Folsom respects the history of the site and brings new life to a more industrial portion of the neighborhood, by replacing and exceeding the PDR area and dedicating the new use to the arts and creative endeavors.

Casa Adelante – 1990 Folsom has an expected move-in date of Q1 2021.

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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

About Tenderloin Neighborhood Development Corporation (TNDC)
TNDC develops community and provides affordable housing and services for people with low incomes in the Tenderloin and throughout San Francisco to promote equitable access to opportunity and resources. tndc.org

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