Fortifying Our Portfolio Through Ownership and Rehabilitations
MARIPOSA GARDEN BUYOUT BRINGS NEW LIFE TO 6 OTHER MHDC BUILDINGS
In 2021, Mission Housing and its partners completed a buyout of the Mariposa Gardens Apartments. The transaction not only ensures the financial stability of the property -- home to 63 San Francisco low-income families -- but also the long-term success of five other Mission Housing properties.
“I’m extremely proud of the work Mission Housing staff put into making this happen,” said Sam Moss, Executive Director at Mission Housing. “Mission Housing taking stewardship of these important sites is another example of the buildings being a true asset to the community at-large and furthermore, it demonstrates the strength and stability of our portfolio."
Mariposa Gardens sits nestled along the busy Potrero Avenue corridor, on the outskirts of San Francisco’s vibrant Mission District. It houses 39 2-bedroom and 24 3-bedroom apartments and it serves as an important food pantry location for Mission Housing’s award-winning Resident Services program.
Under the approval of Mission Housing Board of Directors, and with careful and meticulous work by several MHDC departments, a buyout of the property concluded in 2021, with the loan commitment allowing for the renovation and facility improvement of Mission Housing properties at 3434 18th Street, 3019 23rd Street, 2800 Bryant Street, the Maria Alicia Apartments and Dunleavy Plaza.
All-and-all, 90 other families will benefit from the buyout with improvements throughout their buildings.
Million Dollars in Excess Fees to Benefit Receiver sites
Receiver sites benefit from Mariposa Gardens buyout
Years of affordability restrictions extended for all sites
Units at Mariposa Gardens