The partnership will develop nearly 300 senior housing units, including affordable homes, on the one-acre parcel of land.
Today, Sequoia Living, a Bay Area nonprofit providing homes and services for healthy and joyful aging, announced a partnership with Mercy Housing California to build affordable housing at 3435 Cesar Chavez Street in San Francisco.
The one-acre parcel of land was acquired by Sequoia Living and will be the future home of one of San Francisco’s largest new affordable housing developments. Sequoia Living plans to develop 130 senior housing units on the site’s northern half, and Mercy Housing plans to construct up to 145 affordable homes on the southern portion.
“Sequoia Living and Mercy Housing are committed to addressing the affordable housing crisis by creating safe, healthy, vibrant communities,” said Dave Latina, Sequoia Living’s Chief Business Development Officer. “We are proud of our partnership and look forward to bringing much-needed affordable housing to low-income San Franciscans.”
“Expanding affordable housing is one of Sequoia Living’s key priorities,” said Sara McVey, Sequoia Living President and CEO. “It reflects our mission to provide older adults from all socioeconomic backgrounds with stimulating, joyful living environments.”
Sequoia Living was prepared to act when real estate prices began to drop in San Francisco, Latina explained. “Because we could quickly purchase the land, Sequoia Living was a catalyst for Mercy to begin their work with the Housing Accelerator Fund, building on their collective success at Tahanan, which delivered 145 affordable homes in less than three years at a cost of under $400,000 per home.”
In the months ahead, Sequoia Living plans to engage the surrounding community in dialogue about the project. “We are excited to collaborate with our partners, community-based organizations, and people who support affordable housing in our city,” Latina said.
About Mercy Housing California
Mercy Housing California (MHC) is the largest regional branch of Mercy Housing, Inc. (MHI), a leading national affordable housing nonprofit headquartered in Denver, CO, founded in 1981. MHC’s mission is to create stable, vibrant, and healthy communities by developing, financing, and operating affordable, program-enriched housing for families, seniors, and people with special needs who lack the economic resources to access quality, safe housing opportunities. MHC owns 160 rental properties across 36 California counties, serving low- and very-low-income working families, seniors, people who have experienced homelessness, people living with HIV/AIDS, and people with disabilities. To learn more about MHC, please visit mercyhousing.org/california.
About the San Francisco Housing Accelerator Fund
The San Francisco Housing Accelerator Fund is committed to preserving and expanding quality affordable housing for economically disadvantaged individuals and households. An innovative nonprofit public-private partnership, HAF works with the city of San Francisco, local foundations, private lending institutions, and corporations to provide powerful new financing tools to ensure that the SF Bay Area remains vibrant, equitable, and inclusive for all. Additional information may be found at sfhaf.org.