Key financing has been arranged for the Tenderloin Neighborhood Development Corp. (TNDC) to construct a 63 units of supportive housing for transition-age youth (TAY) and low-income individuals in San Francisco.
Merritt Community Capital Corp. announced that it is providing $27 million in federal low-income housing tax credit and state tax credit equity for the project along with financing partners at Silicon Valley Bank and the San Francisco Mayor’s Office of Housing and Community Development.
78 Haight will provide critical housing to TAY and single low-income households along with wraparound on-site supportive services provided by TNDC and Larkin Street Youth Services. The development includes services and community space specifically designed to serve TAY households as well as an on-site child care center. Half of the apartments at 78 Haight are dedicated to youth.
“TNDC deeply values our continued partnership with Merritt. Not only are we aligned in the importance of serving people and communities with the greatest needs for housing [like TAY], but Merritt understands the importance of partnering with place-based organizations that make an intentional impact. With their partnership, we’re able to support and grow communities by building quality affordable housing,” said Maurilio León, TNDC CEO.
The development will feature a solar photovoltaic system and targets LEED Gold certification. The construction is financed in part from California’s No Place Like Home program, which was approved as statewide Proposition 2 in 2018 to fund permanent housing for individuals with mental illness who are homeless or at risk, and an allocation of federal and state housing credits, said officials.
“Silicon Valley Bank is excited to partner with TNDC on this important housing project for transitional-age youth and low-income individuals in San Francisco,” said Fiona Hsu, head of community development finance at Silicon Valley Bank. “We are pleased to partner with Merritt on this project as a trusted, mission-oriented syndicator. We look forward to our growing relationship with Merritt and our continued investment in the future of affordable housing in California.”
