Associate Director of Marketing and Communications
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
FOR IMMEDIATE RELEASE
May 30, 2019
Preservation of Historic Residential Building in the Haight Prevents Eviction
A historic seven-unit Victorian will be preserved as permanently affordable apartments
San Francisco — Supervisor Vallie Brown and community leaders celebrate the acquisition loan closing of the property at 520 Shrader Street to preserve three currently occupied affordable apartments for very low- income households (under 50 percent AMI) and another four vacant apartments for moderate-income households (under 105% AMI) through the Mayor’s Office of Housing and Community Development’s Small Sites Program.
“Protecting tenants, preventing displacement, and preserving affordable housing is crucial to stabilizing communities across San Francisco. Our Small Sites Program allows us to purchase and preserve properties like this one so the seniors who have lived here for decades can remain in their homes and the units can remain permanently affordable for generations to come,” said Mayor London Breed.
The San Francisco Housing Accelerator Fund’s (SFHAF) expedient $4.4 million bridge loan enabled San Francisco Housing Development Corporation (SFHDC) and its partner Mission Economic Development Agency (MEDA) to acquire 520 Shrader St. at market speed, preventing the displacement of three longtime tenants through Ellis Act evictions. The Mayor’s Office of Housing and Community Development is expected to provide approximately $5 million in permanent financing, including $3 million of the City’s ERAF windfall funding.
“Housing is a human right — I will always fight for our community to keep their homes and age in place. I was proud to work directly with our 520 Shrader residents and community organizations to stop this Ellis Act eviction and direct funding to the Small Sites Program to preserve this now permanently affordable housing,” said District 5 Supervisor Vallie Brown. “No one should live in fear of losing their home, and I’m committed to keeping District 5 safe, sound and housed.”
The acquisition and subsequent rehabilitation plan includes $550,000 in immediate upgrades to the fire alarm and safety protection systems, electrical system, seismic strengthening and exterior improvements.
Longtime building resident Jude Stalker said, “We, the tenants of 520 Shrader, are forever grateful to all of the many individuals, groups, agencies and city representatives — particularly our Supervisor Vallie Brown — who understood our desperation to stay in our homes and in our community, who gave their support and diligence to help us make this dream a reality and who have shown us that compassion, kindness and community spirit still exist; and that providing affordable housing is a priority in San Francisco.”
“We are thrilled that by rolling up our sleeves with SFHDC and MEDA, we were able to deliver capital at market speed to prevent further evictions from this building and ensure permanent affordability,” states Rebecca Foster, SFHAF Executive Director. “It’s our job to empower the frontline community based organizations (CBOs) with the funding and the problem-solving partnerships they need to do critical anti- displacement work faster, more effectively, and at scale.”
SFHAF was incubated in the Mayor’s Office and launched in 2017 with the goal of creating innovative financial products to expand the supply of affordable housing in San Francisco. SFHAF was kickstarted by a financial commitment from the City and County of San Francisco and founding support from Citi Community Development. SFHAF has committed over $90 million to help CBOs expand affordable housing in San Francisco, and 520 Shrader is the 12th loan to date and the first with SFHDC.
“This is a truly momentous day for SFHDC and all those who strive to create and preserve housing that is affordable to all San Franciscans,” said David Sobel, SFHDC CEO. “Today, we celebrate our first collaboration with the San Francisco Housing Accelerator Fund and the City’s Small Sites Program, which is immediately helping residents remain in their homes in the historic Haight-Ashbury neighborhood.” Sobel continued, “We extend our utmost thanks to the Mayor’s Office and Supervisor Vallie Brown for sharing our vision that the preservation of these smaller multi-family rental properties is vital both to the retention of low- and moderate-income households in our city and to the long-term preservation of neighborhood character that makes San Francisco such a unique place to live. We also thank our key supporters Enterprise Community Partners, Capital One and the San Francisco Foundation for providing financial capacity to pursue an aggressive Small Sites acquisition program. Finally, we thank MEDA for working side-by-side with our team through this process.”
MEDA’s Director of Community Real Estate Karoleen Feng stated, “MEDA is excited to have played an integral part in this community-wide effort that has led to the successful purchase of 520 Shrader St. The City’s Small Sites Program remains a targeted approach to preserving affordable housing, so residents vulnerable to eviction can now stay in their longtime homes.”
The Mayor’s Office of Housing and Community Development’s Small Sites Program is a powerful tool to prevent displacement and expand San Francisco’s supply of affordable housing. The program has grown from an initial City investment of $3 million in 2014 to a total of more than $145 Million in City funding to date. Twenty-nine buildings, with 211 units of housing have been acquired, and 11 buildings with 127 units are in the pipeline. The acquisition of 520 Shrader represents SFHDC’s first acquisition through the Small Sites Program, made possible through partnership with the Mission Economic Development Agency (MEDA) and funding and technical support from the San Francisco Housing Accelerator Fund (SFHAF). SFHAF and MEDA’s support of SFHDC’s growing preservation program is not only a win for the current and future residents of 520 Shrader, but also a step toward growing citywide capacity for critical preservation work.
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 the San Francisco Housing Accelerator Fund
The San Francisco Housing Accelerator Fund is committed to the preservation and expansion of quality affordable housing for economically disadvantaged individuals and households. Through an innovative city of San Francisco, local foundations, private lending institutions, and corporations, the SFHAF provides powerful new financing tools to ensure that San Francisco remains vibrant, equitable, and inclusive for all. sfhaf.org
About San Francisco Housing Development Corporation (SFHDC)
SFHDC was formed in 1988 by San Francisco residents who were interested in combating the widespread displacement of the ’60s and ’70s. Governmental agencies removed residents through ‘redevelopment programs’ that disproportionately affected African Americans and other people of color. Formed by African American community leaders, SFHDC continues to focus on serving people of color and the traditionally African American Bayview Hunters Point neighborhood. sfhdc.org
About Citi Community Development
Citi Community Development leads Citi’s commitment to financial inclusion and economic empowerment for underserved individuals, families and communities across the U.S. Through innovative collaborations with municipalities, community groups and leading nonprofit organizations, we harness Citi’s expertise, products and services to help expand opportunity for all. citicommunitydevelopment.com