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Real Estate/Development

Jul. 18, 2024

Nonprofit developer accused of improperly using project funds

A Mission Housing subsidiary is accused of using joint funds to pay for costs associated with other properties it owned.

A subsidiary of Mission Housing Development Corporation, one of San Francisco's largest affordable housing nonprofits, was accused of improperly spending more than $155,000 in funds related to a 50-unit housing project.

A complaint was filed in San Francisco Superior Court on Monday against Mission Housing's subsidiary MHDC CA MGP III LLC by two legal entities that the subsidiary partnered with separately to operate the low-income housing project. According to the filing, ...

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