Financing Secured for Affordable Housing Project in San Francisco
- brg_news_room
- 4 days ago
- 1 min read
USA: Mission Housing Development Corporation, in partnership with Mission Economic Development Agency, has secured a financing package of USD 77.9 million for the first phase of an affordable housing development in the Mission District of San Francisco. The funding structure includes Low-Income Housing Tax Credits and construction financing provided by Western Alliance Bank.
The project, known as The Marvel in the Mission or La Maravilla, is planned to deliver nearly 400 affordable housing units upon completion. The first phase will include 136 units intended for households earning 30 to 50 per cent of the area median income and for formerly unhoused residents. The financing includes a USD 56.3 million tax-exempt construction loan, which will convert into a USD 5.6 million permanent loan, along with USD 21.6 million in equity raised through the SFMH Club Fund.
Source: Multi-Housing News
