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Five Star Bank announces commitment to a $10 million Low Income Housing Tax Credit Investment in the Marvel in the Mission, providing 136-units of permanent supportive housing to San Francisco residents
The community bank’s first Bay Area LIHTC investment further assists San Francisco’s housing recovery and revitalization efforts SAN FRANCISCO, April 09, 2026
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[{"type":"text","content":"The community bank’s first Bay Area LIHTC investment further assists San Francisco’s housing recovery and revitalization efforts\nSAN FRANCISCO, April 09, 2026 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank, today announced its commitment to a $10 million Low Income Housing Tax Credit investment (LIHTC) in the Marvel in the Mission, the Bank’s first in the Bay Area. The LIHTC supports a 136-unit permanent supportive housing (PSH) development in San Francisco’s Mission District. The groundbreaking ceremony for Marvel in the Mission is scheduled for April 23, 2026. The development located at 1979 Mission Street at 16th Street highlights the value of PSHs, which combine long-term, affordable housing with wraparound services that help residents maintain stable housing and improve quality of life. Marvel in the Mission reflects San Francisco’s broader effort to expand housing access while providing meaningful support for residents. Following the pandemic, San Francisco’s economy suffered. Today, the city is making its comeback, spearheaded by Mayor Daniel Lurie’s revitalization efforts, which led to an increase in leases for retail spaces, a decrease in crime, growing employee foot traffic downtown, and a promising real estate market in 2026. Marvel in the Mission is the latest example of its resurgence. “Our administration is working to deliver more affordable housing so the next generation of San Franciscans can raise their families in the city they love,” said Mayor Lurie. “This project will provide stability for residents while strengthening the Mission community and delivering the affordable homes that San Franciscans have long needed.” Marvel in the Mission was made possible thanks to public and private sectors coming together to broaden access to affordable housing while strengthening the Mission District community. In addition to Five Star Bank, partners include Merritt Community Capital Corporation, Mission Housing, Mission Economic Development Agency (MEDA), Western Alliance Bank, Mayor Lurie’s Office, the local district supervisor, and the Mayor’s Office of Housing and Community Development. “Marvel in the Mission is a historic development that required true financial partners and community alli...