Glide Economic Development, Inc. (GEDC), a 501(c)(3) nonprofit housing developer and operator was incorporated in the state of California and approved as a C3 nonprofit by the IRS 10/18/2001. Tax ID # 94 - 3365110.
- GEDC has for more than a decade provided the Management & Oversight of the much needed Below Market Rate low income rental apartment units for low income people of San Francisco, in partnership with the City and County of San Francisco.
- GEDC has the option to buy 125 Mason Street Apartments for $1.00 from AEGON the 99.99% owner in year 2023 or 2024 .
- GEDC needs to raise $500,000 -When the property transfers from AEGON to GEDC there is a VERY STRONG PROBABILITY that the S.F Tax Assessor will charge GEDC a transfer tax of $500,000.
- 125 Mason Street is a fourteen story building with 81 units (1,2,3& 4 Brs) ($44M Dev. Cost). 125 Mason Street had total term debt is $5.2 million.
- SEE PHOTO 125 Mason Street GEDC Family Housing
- The total number of LOW INCOME adults and children living at 125 Mason Street = 266