• Mason Street

     
  • CDF Case Study

     Mason Street

    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.