San Francisco approves financing for 4840 Mission affordable housing project

In a pivotal meeting held at San Francisco City Hall, officials gathered to discuss the future of affordable housing in the city, focusing on a significant project at 4840 Mission Street. The atmosphere was charged with anticipation as city leaders and community members alike recognized the pressing need for housing solutions in a city grappling with rising costs and displacement.

Cindy Heavens, a Senior Project Manager with the Mayor's Office of Housing and Community Development, presented two key resolutions aimed at facilitating the development of the 4840 Mission Apartments. The project, which will transform a former mortuary site into a vibrant community space, is set to include 135 units of affordable housing, alongside commercial space and essential community services.

The first resolution authorizes the acquisition of the property for $8.15 million, which will be credited towards a larger city loan of up to $28.7 million. This financial maneuver is designed to kickstart construction, with the city poised to lease the land to Bridge Housing, the developer behind the project. The second resolution seeks approval for tax-exempt bond financing, not to exceed $75 million, to support the construction efforts.

The residential units will cater to a diverse range of income levels, from extremely low-income families to moderate-income households, addressing the critical need for affordable options in the area. The project aims to provide a mix of one, two, and three-bedroom units, ensuring that families of various sizes can find a home. Notably, 35 units will be designated for families relocating from the nearby Petro and Petro Annex sites, further emphasizing the city’s commitment to supporting vulnerable populations.

A standout feature of the development is a pedestrian walkway that will connect Allemaney Boulevard to Mission Street, significantly reducing travel time for residents. This design element reflects community input gathered during the Excelsior Outer Mission neighborhood strategy process, highlighting the city’s efforts to engage with residents in shaping their environment.

As the meeting concluded, the urgency of the housing crisis loomed large, but so did a sense of hope. With construction anticipated to begin in late June 2021 and completion expected by late 2023 or early 2024, the 4840 Mission project stands as a beacon of progress in San Francisco’s ongoing battle for affordable housing. The resolutions passed during this meeting mark a crucial step forward, promising to bring much-needed relief to families and individuals seeking stability in a city where the cost of living continues to rise.