Mission Economic Development Agency is in the process of purchasing a building at 2901 16th St. to convert it into 62 units of permanent affordable housing.
The Mission Economic Development Agency, a nonprofit housing developer, is in the process of purchasing a four-story building at 2901 16th St. at the corner of South Van Ness Avenue to convert it into 62 units of permanent affordable housing.
MEDA said it is unsure how the rents of the current tenants will be adjusted if they stay. Garcia said that the tenants will need to meet with MEDA’s leasing team once they decide to stay. “Ideally, our target would be closing the deal by September this year,” Garcia said. “If we have the loan approval on the 14th.”, which helps local nonprofits like MEDA buy properties and lease units to existing low-income tenants and others combating displacement.
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