"The nonprofit developer laid off 12 staffers on April 20 and imposed pay cuts on remaining staff, including a 43 percent cut for its executive director."
"MEDA said expenses from the organization's expansion had outpaced revenue in recent years, driven by slower-than-expected philanthropic revenue and delayed reimbursements from the city."
"The cuts come six months after the Board of Supervisors approved a $37.8 million plan to refinance 15 'Small Sites' properties owned by MEDA."
"MEDA is making cuts as part of a 21 percent expense-reduction plan designed to protect core services and restructure the organization for long-term sustainability."
Mission Economic Development Agency has laid off 12 staff members and imposed pay cuts due to financial strain. The organization, which has over 1,300 affordable housing units, reported that expenses have outpaced revenue. Cuts were made primarily in administrative roles, with the executive director taking a significant pay reduction. MEDA's financial challenges stem from slower philanthropic revenue and delayed city reimbursements. The organization is implementing a 21 percent expense-reduction plan to ensure long-term sustainability after receiving a multimillion-dollar bailout for its housing portfolio.
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