Resolution approving and authorizing the Director of the Mayor’s Office of Housing and Community Development with 2550 Irving Associates, L.P. to execute loan documents relating to a loan to provide financing for the acquisition of real property located at 2550 Irving Street, and predevelopment activities for a 100% affordable multifamily rental building, in an aggregate amount not to exceed $14,277,516; approving the form of the loan agreement and ancillary documents; ratifying and approving any action heretofore taken in connection with the property; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and finding that the loan is consistent the General Plan, and the priority policies of Planning Code, Section 101.1.

The Mayor's Office published a Notice of Funding Availability for acquisition and predevelopment financing for affordable multifamily rental housing, supported by the 2019 General Obligation Housing Bond.

The committee recommended approval of a loan not to exceed $14,277,516 to Tenderloin Neighborhood Development Corporation for the acquisition and predevelopment of the property at 2550 Irving Street.

The Planning Department found that the loan for the acquisition of the property is consistent with the General Plan and not considered a project under CEQA.

The committee amended the resolution and recommended it for adoption by the Board of Supervisors.

The Board of Supervisors adopted the resolution approving the loan agreement for the 100% affordable housing project at 2550 Irving Street.

The Mayor approved the resolution, finalizing the authorization for the loan to facilitate the affordable housing project.