LIIF has closed on a $5.28 million Secured Acquisition and Predevelopment Loan to Bernal Heights Housing Corporation (BHHC), a well-established, place-based affordable housing developer. With LIIF’s loan, BHHC purchased a ~1.1-acre site consisting of a vacant 16,000-square-foot former Big Lots retail building, a 49-space podium parking garage and an adjacent surface parking lot at 3333 Mission Street.
As the project is eligible for a fast-tracked ministerial entitlement approval process, BHHC will be able to quickly redevelop the site into a residential condo parcel consisting of proposed new construction of 70 units of affordable housing for seniors with household incomes ranging from 25-60% Area Median Income (AMI) and a commercial condo for the conversion of the former Big Lots store into a mix of artist working studios, live/work lofts, community gallery and community nonprofit space.
The nonprofit, with a loan from the Low Income Investment Fund, a nonprofit that invests in affordable housing, purchased the property last month.
Mission Local article