Nonprofit affordable housing developer
Appears in 2 stories
Under Tier 3 city oversight; board advanced $22.2 million financing
San Francisco supervisors on Oct. 28 advanced a $22.2 million financing deal for the Mission Economic Development Agency (MEDA), nine days after the city controller placed the 53-year-old affordable housing nonprofit on its highest-risk watch list. The board cited new safeguards after a Sept. 30 audit found a former employee allegedly exploited weak financial controls for unauthorized purchases.
Updated 2 hours ago
On the Controller's Office's Tier 3 risk list; a $22.2 million city loan is on hold
San Francisco's Controller's Office has given the Mission Economic Development Agency its most serious risk rating for city-contracted nonprofits, citing alleged unauthorized employee expenses and self-dealing among ten financial concerns. The rating can cost MEDA millions in city funding if the problems are not fixed, though the Controller says it can be lowered or removed after corrective steps.
Updated 5 days ago
No stories match your search
Try a different keyword
How would you like to describe your experience with the app today?
