By Xueer Lu : misisonlocal – excerpt
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.
Two blocks east of the 16th St. BART station on the southwest corner, the 1914 brick building will go through rehabilitation by MEDA and its tenants will have the option to remain in their units or move out during that period. The 62 units will occupy the second, third and fourth floors, above the hair salons and restaurants on the ground floor, and will include two single-room occupancy units with their own bathrooms and kitchenettes, 54 studios and six one-bedroom units for families of two or three.
Jose Garcia, an associate director in MEDA’s real estate division, said that the project will be aiming for an average area median income of 80 percent for future tenants. This translates into an annual income of $83,900 for one person or $107,900 for a family of three. The nonprofit also plans to accept applicants with other types of financial support, such as Section 8 vouchers…(more)
It will be interesting to see how fast this project can be put together given all the new bells and whistles down at City Hal that are supposed to make construction and remodels faster and cheaper for developers.
Grassroots Actions 