NORTHAMPTON, MA / ACCESSWIRE / October 15, 2024 / U.S. Bank
U.S. Bank invests in historical neighborhood by supporting nonprofit MEDA
MEDA celebrated the grand opening of its Casa Adelante affordable housing development, which U.S. Bancorp Impact Finance helped finance, in 2022.
Originally published on U.S. Bank company blog
San Francisco's Mission District is one of the oldest neighborhoods in the city and has been a hub for Latino and immigrant communities for decades. As the city evolved throughout the 20th century and the cost of living in the neighborhood rose, however, many residents and small businesses found it difficult to remain in the Mission. Enter the Mission Economic Development Agency (MEDA), which was founded in 1973 to help build prosperity and equity within the Mission District.
"The Mission District is home to many newcomers and Spanish-speaking Latino community members who have faced numerous challenges in a high-cost area such as San Francisco, which has one of the largest income gaps in the nation and has experienced high rates of displacement," MEDA CEO Luis Granados said. "Over the years, MEDA has stood by the Mission community through tough times-whether it was the displacement fueled by the dot-com boom, the 2008 Great Recession or the COVID-19 pandemic."
And for more than two decades, U.S. Bank has invested in the Mission District through its support of MEDA, helping the nonprofit maintain its home within the neighborhood and create opportunities for local residents and small businesses to flourish in the community they love.
"Neighborhoods like the Mission District are what keep San Francisco San Francisco," U.S. Bank Community Affairs Manager Leena Paxinos said. "It's a loss of culture if we don't invest in these communities."
MEDA's services range from financial education, homeowner assistance, rent relief, job training and placement to affordable housing development and small business support - all offered in English and Spanish and designed to help build intergenerational wealth within this dynamic, diverse community. Philanthropic support from U.S. Bank and the U.S. Bank Foundation over the years has helped the organization operate and grow its programming.
When MEDA found itself facing displacement from its headquarters location, U.S. Bancorp Impact Finance, a U.S. Bank subsidiary, provided critical financing totaling more than $5 million to help the organization purchase Plaza Adelante and remain in the Mission District. Plaza Adelante opened its doors in 2010 as a multi-tenant neighborhood resource center, with several small businesses joining the MEDA office in the building.
A few years later, recognizing the need for new affordable housing in the neighborhood, MEDA ventured into community real estate development. One project, which MEDA embarked upon with the Chinatown Community Development Corporation, was a 127-unit development at 2060 Folsom St., and Impact Finance delivered nearly $85 million in tax credits and construction loans to help see the project to completion and welcome families and transitional-age youth to their new homes. The project, called Casa Adelante, celebrated its grand opening in 2022.
"MEDA and their commitment to the Mission has been impressive to watch over the years. Their thoughtful approach to development in this neighborhood has included countless hours of visioning with community members and listening to the needs of longstanding residents," said Lisa Gutierrez, director of business development, affordable housing, for U.S. Bancorp Impact Finance. "MEDA's approach has helped drive new investment into this diverse community, all while preserving its history and culture and doing all they can to avoid the displacement of residents."
Recently, U.S. Bank announced a $1 million multiyear contribution to MEDA to offer additional support for its affordable housing community real estate program and help further the organization's vision of empowering a vibrant, thriving community in the heart of San Francisco.
"This is a catalytic investment in MEDA and will strengthen our ability to meet the emerging needs of our clients: small business entrepreneurs, families looking for permanent housing, students looking for youth leadership and academic support through the Mission Promise Neighborhood initiative, in which MEDA is the backbone agency," Granados said. "MEDA's relationship with U.S. Bank has been transformational and helps us support the dreams of our clients in the Mission District, San Francisco and the Bay Area."
Did you know?
In the 94110 ZIP code, where MEDA is located, the 2023 median household income was $165,712, and the market-rate rent in September 2023 was $3,834, according to the Bay Area Equity Atlas.
The average household income of MEDA's clients is $25,000 per year, which places market-rate rental units and homeownership opportunities out of reach for the majority of the residents it serves. Affordable housing programs play an important role in helping low- to moderate-income residents find secure housing in the Mission District.
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SOURCE: U.S. Bank
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