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Resolution#230927Passed
In plain English
The resolution approves a loan of up to $47.39 million to 440 Geary LLC for a 122-unit supportive housing project for homeless households at 440 Geary Street. It authorizes the Mayor and the Director of the Mayor's Office of Housing and Community Development to execute and modify the loan agreement as needed.
Resolution approving and authorizing a Loan Agreement with 440 Geary LLC in an amount not to exceed $47,390,000 for a minimum loan term of 55 years (“Loan Agreement”) to provide permanent financing for a 122-unit single-room occupancy residential building consisting of 121 units of permanent supportive housing to homeless households, one manager unit, and two ancillary ground floor commercial units (the “Project”) located at 440 Geary Street, adopting findings that the Project and proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; authorizing the Mayor and the Director of Mayor’s Office of Housing and Community Development (“MOHCD”) to execute the Loan Agreement, and make certain modifications to such agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein; and authorizing the Director of MOHCD to enter into any additions, amendments, or other modifications to the Loan Agreement that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Loan Agreement or this Resolution.
How it got here
Related / predecessor legislation
↑ predecessor#201193— not yet in database
Document trail
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PLN Gen Plan Ref 083023
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How they voted
ADOPTED
Board of Supervisors · Sep 26, 2023Pass
5-0
RECOMMENDED AS COMMITTEE REPORT
Homelessness and Behavioral Health Select Committee · Sep 22, 2023Pass
2-0
Legislative journey
PresidentSep 5, 2023
→RECEIVED AND ASSIGNED
Homelessness and Behavioral Health Select CommitteeSep 22, 2023
✓RECOMMENDED AS COMMITTEE REPORTPass
Board of SupervisorsSep 26, 2023
✓ADOPTEDPass
MayorSep 28, 2023
✓APPROVED