The free celebration will take place at 3850 18th Street, San Francisco.
3850 18th Street was revitalized under the Rental Assistance Demonstration (RAD) Program, which was created by the U.S. Department of Housing and Urban Development and championed by the San Francisco Mayor’s Office of Housing and Community Development. The program leverages private capital to preserve and improve public housing and address a multibillion-dollar nationwide backlog of deferred maintenance.
Co-developers BRIDGE and MEDA oversaw an extensive rehabilitation of residents’ apartments as well as community spaces, focusing on life-safety upgrades and modernization efforts to improve resident life. Under the provisions of the RAD program, no residents were displaced, all residents moved back into their revitalized apartments, and all continue to pay 30% of their income for rent. As a reflection of the neighborhood’s rich arts heritage, the building’s community room now features an original work of art, “Festive World,” by local painter Deirdre Weinberg. The concept, developed during charrettes with residents, celebrates diversity in our global community through a composition of festivals from around the world.
“We are so pleased with the transformation of this important affordable housing development for the Castro neighborhood. Many thanks and congratulations to BRIDGE, MEDA and all the residents of 3850 18th Street on this beautiful outcome,” said Kate Hartley, Director of the Mayor’s Office of Housing and Community Development.
“MEDA was proud to team up with renowned co-developer BRIDGE Housing on the refurbishment of the common areas and 107 affordable apartments of 3850 18th St., so that vulnerable senior and disabled San Franciscans can now age in place with dignity,” stated MEDA Chief Executive Officer Luis Granados.
Cynthia Parker, President and CEO of BRIDGE, said: “The RAD program in San Francisco is transforming public housing, infusing millions of dollars into the rehabilitation of these homes and bolstering resident services that will enrich the lives of so many community members. We are delighted to have partnered with MEDA to preserve affordable housing and prevent displacement.”
“The life-safety and modernization upgrades to improve the quality of life for these residents helps fulfill Mayor Breed’s vision of providing safe and secure affordable housing, and makes us all proud to be part of such an important public-private effort,” said Ari Beliak, Senior Vice President at Bank of America, which provided a $29.3 million tax-exempt construction loan and $22.2 million in equity to help make 3850 18th Street possible. “SF-RAD was not just the nation’s largest affordable housing renovation project, it was also Bank of America’s largest deal of its kind, having financed $2.1 billion. Unique and personally rewarding for us at the bank was the $2.8 million set aside to fund social services, wellness activates, and other resources that has helped ease the transition for these vulnerable residents during the renovation period. It’s exciting to realize that the renovations for SF-RAD’s 29 properties is nearly complete.”
The rehabilitation architect was HKIT Architects and FineLine Construction was the general contractor. Financial partners included the San Francisco Mayor’s Office of Housing and Community Development, San Francisco Housing Authority, U.S. Department of Housing and Urban Development, Bank of America Merrill Lynch, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, Freddie Mac, Enterprise Community Partners and U.S. Bank. Through a ground lease with the Housing Authority, the MEDA and BRIDGE partnership will own and operate the building and preserve its deep affordability for the long term.
Among the expected speakers at today’s celebration: Kate Hartley, Director, San Francisco Mayor’s Office of Housing and Community Development; Smitha Seshadri, Senior Vice President, BRIDGE Housing; Luis Granados, Chief Executive Officer, MEDA; Ed Cabrera, Regional Public Affairs Officer, Region 9, U.S. Department of Housing and Urban Development; Barbara Smith, Acting Executive Director, San Francisco Housing Authority; Rajasri Narayanan, Vice President, Community Development Banking, Bank of America Merrill Lynch; and resident Taneeka Edwards.
About Mission Economic Development Agency (MEDA)
Rooted in the Mission and focused on San Francisco, MEDA’s mission is to strengthen low- and moderate-income Latino families by promoting economic equity and social justice through asset building and community development. www.medasf.org
About BRIDGE Housing
BRIDGE, a leading nonprofit developer, manager and owner of affordable housing in California and the Pacific Northwest, has participated in the development of more than 17,000 homes since its inception in 1983. www.bridgehousing.com