Citywide Affordable Housing Loan Committee Meeting

Mission Housing Development Corporation (MHDC) requests $1,500,000 in PASS financing to partially reimburse the costs of a recent rehabilitation of the existing 8 units and the addition of 3 Accessory Dwelling Units (ADUs) at a scattered site located at 3434 18th st. in the Mission District. The $4.8M rehabilitation significantly upgraded the interiors of existing units and façade, in addition to adding the ADUs. Providing the PASS financing would permanently restrict the 3 new ADUs at the building as affordable, and the new Declaration of Restrictions would limit all units to 50-60% MOHCD AMI. It would also enable Mission Housing to conduct further rehabilitation at other properties in their portfolio, because it reimburses funds used from a previously-approved cash-out refinance from Mariposa Gardens, approved in 2021.

Mission Housing Development Corporation