Mason Street
CDF Case Study
Project
Scope
Mason
Street is an eight-story building consisting of a 56-unit for
formerly homeless individuals located in the Tenderloin neighborhood of San Francisco, CA. The project is a joint venture, developed by
Tenderloin Neighborhood Development Corporation (TNDC) and Glide Economic Development Corporation
(GEDC), an affiliate of Glide
Memorial Church.
Amenities include
on-site property management, office and meeting space for social services, a
landscaped courtyard, and ground floor retail space.
Lending
a Hand
Over 10% of San
Francisco's population is housed in the Tenderloin
neighborhood. 88% of the residents are
designated as very low income and 24% are homeless. The 56 studio units (1-unit for on-sight
manager) serve individuals earning 20% of AMI (or $15,840/yr
for a single person) in San Francisco
County. Because
of the limited income potential of the target population, the ongoing operation
of the project and an on-site public health clinic are subsidized by a grant
from San Francisco's Department of Human
Services and Public Health.
Helping
Finance
SVB provided a $15,275,000
tax-exempt bond purchase/construction loan for the project. SVB was also awarded an Affordable Housing
Program (AHP) grant for $1,000,000 for the project from the Federal Home Loan
Bank of San Francisco.
Results
Construction was
completed and the grand opening was on March 25, 2010.