SAN FRANCISCO, December 13, 2018 – Officials will join Mission Economic Development Agency (MEDA) and BRIDGE Housing at 11:30 a.m. today to celebrate the renewal of 462 Duboce, a 42-unit affordable rental community for seniors and residents with disabilities. The free celebration will take place at 462 Duboce Avenue, San Francisco.
462 Duboce 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. Revitalized amenities include an elevator, a community room and a laundry room. The property has access to public transportation, with well-utilized bus and light-rail lines offering frequent service throughout San Francisco.
“I remember what it was like growing up in public housing that was desperately in need of renovation,” said Mayor London Breed. “That is why I am committed to seeing that we preserve and renovate public housing across San Francisco, so we can make those conditions a thing of the past for all our residents.”
“Whether you are a City official, a financier, a stakeholder, a partner, a community member or a resident, you all had part in making 462 Duboce the quality property it is today. This is a huge win in the preservation of affordable housing in San Francisco,” 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 of private and public capital into the rehabilitation of these homes and bolstering resident services that will enrich the lives of many of our most vulnerable community members. It is an admirable investment in preserving housing opportunities and preventing displacement.”
The rehabilitation architect was Barcelon Jang Architecture 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.
Expected speakers at today’s celebration include: Kate Hartley, Director, San Francisco Mayor’s Office of Housing and Community Development; Jimmy Stracner, Region IX Regional Administrator, U.S. Department of Housing and Urban Development; Barbara Smith, Acting Executive Director, San Francisco Housing Authority; Luis Granados, Chief Executive Officer, MEDA; Smitha Seshadri, Senior Vice President, BRIDGE Housing; Robert Reinhardt, Senior Vice President, Bank of America Merrill Lynch; and Julia Dunn, a resident of 462 Duboce.
For more information about MEDA, visit www.medasf.org. To learn more about BRIDGE, visit www.bridgehousing.com.
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