The resolution approves a loan agreement of up to $44.47 million to finance the acquisition and rehabilitation of a 100% affordable housing project called "Ambassador Ritz," which includes 187 rental units for low-income households. The loan will have varying terms, with a minimum of 55 years for part of the funding, and the project aligns with the city's General Plan and planning policies.
Resolution approving and authorizing the execution of a Loan Agreement with Ambassador Ritz Four Percent, L.P., a California limited partnership, in an aggregate total amount not to exceed $44,465,000 for a minimum term of 55 years for a portion of the loan amount and maximum terms of 15 years, 28 years, and 40 years for other portions of the loan amount based on the requirements of the funding sources, to finance the acquisition and rehabilitation of an existing 100% affordable multifamily rental housing project for low income households, known as “Ambassador Ritz 4%,” consisting of 187 rental units in two buildings located at 55 Mason Street and 216 Eddy Street; and adopting findings that the Loan Agreement is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1.
How it got here
The legislation originated from the need to finance the acquisition and rehabilitation of affordable housing units at the Ambassador Ritz properties in San Francisco.
The committee recommended approval of a loan for the Ambassador Ritz project to the Mayor, amounting to $44,465,000.
The Planning Department found the project to be categorically exempt from CEQA and consistent with the General Plan and eight priority policies.
The Budget and Finance Committee recommended the resolution for the loan agreement to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving the loan agreement for the Ambassador Ritz project.
The Mayor approved the resolution, finalizing the loan agreement for the project.
Reconstructed from attached documents & the official record
