CEDA Issues $6.5 Million Tax-Exempt Loan to Mission Economic Development Agency
Since 1973, Mission Economic Development Agency (MEDA), a community economic development 501(c)(3) non-profit organization located in San Francisco’s Mission District has worked to improve economic and social conditions for San Francisco’s low- and moderate-income residents. MEDA supports families in its service area by providing guidance for small business creation and improvement, home purchases, foreclosure prevention, building credit and savings, accessing technology, and finding sustaining jobs.
MEDA sought revenue bonds through CEDA in the amount of $6,450,000 to finance and refinance the cost of acquisition, rehabilitation, improvement, installation, and equipping of an approximate 21,000-square-foot, multi-story commercial building in San Francisco. This deal closed on December 3, 2015.
About CEDA:In 2006, CALED established CEDA, a Joint Powers Authority (JPA), to address gaps in Economic Development financing. CEDA is committed to providing alternative financing options to manufacturers, 501(c)3 non-profits, and California communities, with the ultimate mission of supporting economic development. To learn more about CEDA, please visit its web site at http://ceda.caled.org/.