Model and Strategy
MEDA strives to reverse displacement and drive equitable development through an ecosystem and place-based approach to preservation, production and protection of affordable real estate in San Francisco. Funds from Battery Powered will support MEDA’s Community Real Estate program and grow the affordable housing portfolio via preservation and production. First, the CRE Team will expand our Small Sites acquisitions; we currently maintain a portfolio of 35 Small Sites properties (totaling 283 units) and plan to harness our grassroots tenant engagement approach to preserve four additional buildings with geographic equity in the next year. Additional staff capacity offered by these grant funds will also allow our team to take full advantage of opportunities to preserve affordable housing; while we receive regular notifications about available listings through San Francisco’s Community Opportunity to Purchase Act (COPA), we are often unable to take advantage of potential acquisitions due to the lack of available capital. We currently have 1401 affordable housing units in our pipeline with another 1,000 rental units slated for production as part of two upcoming development projects.
MEDA will also begin construction on a new real estate project that will provide 100% affordable mixed-use residential units and commercial space for nonprofit arts and cultural organizations in the Mission District. Residential units developed for this project will be set aside specifically for San Francisco-based teachers, transforming a site that was originally priced for 100% luxury housing development into an opportunity that prevents further displacement and enables educators to stay rooted in the city. For this development, MEDA is contracting with a joint venture of Guzman Construction-Marinship, the first Latino-Black JV in affordable housing in decades.
In addition, additional capacity from this funding will support MEDA in launching the Institute for Equitable Recovery, providing other BIPOC-led organizations with equitable development training and technical assistance.
Impact
The long-term impact of MEDA's work is a community where generations of Latino families choose where to call home, thrive economically, succeed in learning opportunities, and lead policy and social change toward a more equitable society. This is achieved through housing initiatives, policy and advocacy, financial services, business support and workforce development programs.
More immediately, MEDA's work will preserve the affordability of dozens of small housing sites (buildings with 4 - 25 housing units) and maintain these units for long-term, vulnerable tenants who might otherwise be evicted. We’ll be adding a new 100% affordable housing development for 120 families and formerly homeless individuals with commercial space for community-serving organizations.
We will also develop a new building with 63 units of affordable housing for San Francisco teachers and 2205 square feet of community serving space that will serve as a model for workforce housing in San Francisco.
Leadership
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Luis Granados
CEO
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Karoleen Feng
Director of Community Real Estate