This resolution allows the Director of the Mayor’s Office of Housing and Community Development to finalize loan documents for up to $30 million to finance the permanent housing project at 2901-16th Street under the Small Sites Program. It also confirms that the project complies with environmental regulations and city planning policies.
Resolution approving and authorizing the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute loan documents for the permanent financing of 2901-16th Street pursuant to the Small Sites Program, for a total loan amount not to exceed $30,000,000; confirming the Planning Department’s determination under the California Environmental Quality Act; finding that the loan is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and authorizing the Director of MOHCD or their designee to make certain modifications to the loan documents, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
How it got here
The legislation originated from the need to finance the acquisition and rehabilitation of a mixed-use property at 2901-16th Street to provide affordable housing in San Francisco's Mission District.
The Planning Department determined that the proposed loan for the project is consistent with the General Plan and the eight priority policies of Planning Code, Section 101.1.
The committee recommended approval of a permanent loan for the project in an amount not to exceed $30,000,000.
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 project.
The Mayor approved the resolution, allowing the Director of MOHCD to execute loan documents for the project.
Reconstructed from attached documents & the official record
