Preserving Communities

For nearly forty years,Tenderloin Neighborhood Development Corporation (TNDC) has built and preserved safe and affordable homes for the residents of the Tenderloin.When 270 Turk, a 10-story, 86-unit apartment building in the heart of the Tenderloin, went up for sale, TNDC wanted to purchase it and preserve it as affordable so none of the current residents would be subject to rent increases and face the risk of displacement. For deals as big as this, especially ones in need of comprehensive rehabilitation, there were few financing partners who could offer funding quickly in order to close. While TNDC was successful in securing permanent financing for the project from¬† the Mayor’s Office of Housing and Community Development (MOHCD), it needed acquisition financing to secure the property to avoid losing it to speculative buyers who would have raised rents beyond what current residents could afford.¬† HAF was able to provide flexible bridge financing, coordinate with multiple City departments including MOHCD and the Department of Homelessness and Supportive Housing (HSH), and allow TNDC to successfully close on the purchase of the property. 270 Turk was originally constructed in 1927, and it is currently on the National Register of Historic Places as a contributing structure to the Uptown Tenderloin Historic District. Learn more about the history of the District from the Tenderloin Museum.