Associate Director of Marketing and Communications
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
FOR IMMEDIATE RELEASE
Dec. 28, 2018
Casa Adelante – 2060 Folsom Affordable-Housing Development Has Secured Construction Financing
Groundbreaking slated for end of January 2019
San Francisco — The Mission Economic Development Agency (MEDA) and Chinatown Community Development Center (Chinatown CDC) have announced that their new construction at 2060 Folsom at 17th Street in San Francisco’s Mission District has closed escrow. The development will comprise 127 affordable apartment rentals, with 29 units for formerly homeless transitional-age youth.
MEDA and Chinatown CDC were selected as the joint-venture nonprofit developers of Casa Adelante- 2060 Folsom by the San Francisco Mayor’s Office of Housing and Community Development (MOHCD). In September 2011, the San Francisco Board of Supervisors (BOS) had approved the jurisdictional transfer and purchase of land that includes the site by MOHCD from the Public Utilities Commission (PUC), for the purpose of developing affordable housing. At the same time, the BOS approved the purchase of the adjacent PUC land by the Recreation and Parks Department (RPD) for the purpose of developing a neighborhood park. The development’s design — from Mithun Architects and Y.A. Studio — seamlessly blends into In Chan Kaajal Park, which opened in June 2017. Community grassroots organization PODER had worked to garner this park as a Mission District community benefit.
Casa Adelante – 2060 Folsom will offer residents and the public birth-to-career resources ranging from a preschool to after-school programs and activities for youth and young adults. Proposed service providers include Larkin Street Youth Services, Chinatown CDC and other longtime Mission-based community organizations.
Explains MEDA Director of Community Real Estate, Karoleen Feng, “Casa Adelante – 2060 Folsom is the second 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, Chinatown CDC, there our families have affordable and stable housing.”
Rev. Norman Fong, Executive Director of Chinatown CDC, reinforced the importance of the new development: “I’m excited that some of the units will house newly emancipated transitional-aged youth, who otherwise will have nowhere to live, and it is wonderful Casa Adelante – 2060 Folsom will be able to include space for child care, too.”
The development has been made possible by financing from: San Francisco Mayor’s Office of Housing and Community Development; US Bank Community Development Corp.; California Tax Credit Allocation Committee; and California Debt Limit Allocation Committee, California Department of Housing and Community Development & Strategic Growth Council.
Additionally, the development is supported by the following invaluable partners: PODER; architects Mithun|Solomon and Y.A. Studio; and general contractor James E. Roberts Obayashi Corp.
Casa Adelante – 2060 Folsom has an expected move-in date of Q3 2020.
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 Chinatown Community Development Center (Chinatown CDC)
The mission of the Chinatown Community Development Center is to build community and enhance the quality of life for San Francisco residents. chinatowncdc.org
Leave a reply