City helps nonprofit acquire Excelsior District building to preserve affordable units

On Tuesday, the Jardeleza family announced their good news in front of their Excelsior District home. They won’t be leaving.

The Mission Economic Development Agency, with a substantial loan from the San Francisco Housing Accelerator Fund, acquired the four-story market-rate building at 4830 Mission St. and plans to apply permanent affordability restrictions through The City’s Small Sites Program. In other words, tenants won’t be priced out.

“Me and my clan of three generations have lived in this building for the last 18 years,” Ely Jardeleza said. “And we will be able to continue doing that because of the small sites program.”

This marks the 22nd building MEDA has purchased.

“It’s crucial to buy buildings like this to keep families like them in the neighborhood,” said MEDA’s director of community real estate, Karoleen Feng.

MEDA received a $13.2 million loan from the housing accelerator fund to acquire the building — the largest loan in the fund’s brief history.

The building comprises 21 residential units and six commercial units. Residents of the building have an average median income less than 73 percent of the area median income, with 66 percent of tenants averaging a household AMI of 57 percent, according to MEDA. Tenants in those income brackets are particularly vulnerable to being priced out of The City’s exorbitantly priced housing.

To address this increasingly common problem, the Mayor’s Office of Housing and Community Development forwarded the Small Sites Program, which removes properties from the speculative market and converts them to permanently affordable housing.

Mayor London Breed, who campaigned on affordable housing, spoke of the need for communities to get involved in the process.

“Having partners in the community to help us move things forward as quickly as possible makes all the difference,” Breed said.

Since 2014, the Small Sites program has converted more than 200 properties to permanently affordable housing, doubling its since last year, according to District 11 Supervisor Ahsha Safai. 4830 Mission St. is the first Small Sites Program acquisition in District 11.

“We rely on the eyes of the community to find potential sites,” Safai said. “We want the community to bring us opportunities.”

iwilliams@sfexaminer.com

Ian Williams
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Ian Williams

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