Helping Mission Housing Development Corporation Deliver on Its Mission
In the affordable housing development industry, we are constantly asked to solve a wide range of problems and provide people with support, not just a roof. I am heartened to know there are financial institutions like Western Alliance Bank willing to look beyond what’s typical. You need partners willing to do that with you.
For about 100 residents in San Francisco’s last remaining public housing sites, life is about to get more secure. Thanks to Mission Housing Development Corporation – a nonprofit, community-based organization dedicated to high-quality affordable housing and supportive services for residents – 69 units in five buildings are now undergoing complete renovations.
As essential as rehabilitating the physical structures, which are scattered throughout the western part of the city, Mission Housing also will staff each building with an on-site resident services coordinator. Western Alliance Bank Public and Nonprofit Finance provided financing for the project – including funding to temporarily house affected residents during construction before they can return home to the same affordable rent.
“It’s rare to find a financial partner willing to understand the whole of a mission like ours and get involved,” said Sam Moss, Executive Director of Mission Housing Development Corporation. “Most lenders want to compare affordable housing to traditional private housing and they’re very different. Of course, Western Alliance Bank did their due diligence, but I was so proud they became our partner because they understood that we weren’t just putting a band-aid on, but redeveloping for long-term use, long-term value and long-term success.”
Digging deeper to understand – and then successfully underwrite – complex projects is part of what makes Western Alliance Bank different. Moss added, “In the affordable housing development industry, we are constantly asked to solve a wide range of problems and provide people with support, not just a roof. I am heartened to know there are financial institutions like Western Alliance Bank willing to look beyond what’s typical. You need partners willing to do that with you.”
Moss believes this project is especially significant. “Without a doubt, this is one of the most important projects to be accomplished in the nonprofit housing industry in San Francisco in the history of public housing in the region. With Western Alliance’s help, we’re finally delivering on a promise made to residents long ago.”