This resolution approves several loan agreements totaling up to $22.7 million to finance the construction of affordable housing developments for low-income and moderate-income households, with a preference for employees of local educational institutions, as well as a parking garage for state employees. It also allows for minor amendments to the agreements as needed without increasing the city's financial obligations.
Resolution 1) approving and authorizing the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute an Amended and Restated Loan Agreement with MP Golden Gate Avenue Associates, L.P., a California limited partnership, (“Low Income Loan Agreement”) for a total loan amount not to exceed (NTE) $12,500,000 to finance the construction of a 55-unit multifamily rental housing development for low-income households with a preference for employees of the San Francisco Unified School District (“SFUSD”) and San Francisco Community College District (“SFCCD”), which will be known as Golden Gate Avenue Phase I LIHTC (the "LIHTC Project"); 2) approving and authorizing the Director of MOHCD to execute a Loan Agreement with MP GGA Moderate LLC, a California limited liability company, (“Moderate Income Loan Agreement”) for a total loan amount not to exceed $10,200,000 to finance the development and construction of a 20-unit multifamily rental housing development for moderate-income households with a preference for employees of SFUSD and SFCCD, which will be known as Golden Gate Avenue Phase I Moderate (the “Moderate Project”); 3) approving and authorizing the Director of MOHCD to execute a Loan Agreement with Mid-Peninsula Hermanas, Inc., a California nonprofit public benefit corporation, (“Garage Loan Agreement”) for a total loan amount not to exceed $1,250,000 to finance the development of a parking garage (“Garage Project”) for State of California employees with funds from the State’s Infill and Infrastructure Grant (“IIG”) program; for a cumulative amount, including all Loan Agreement amounts, not to exceed $22,747,350; and 4) adopting findings that the loan agreements are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and to authorize the Director of MOHCD to enter into amendments or modifications to the Agreements that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Agreements or this Resolution.
How it got here
The legislation originated from the need to finance affordable housing developments for educators in San Francisco, prompted by a Notice of Funding Availability issued by the Mayor's Office of Housing and Community Development.
This order directed the identification of excess state properties for affordable housing development, establishing a framework for future projects.
A Notice of Funding Availability was issued for the Infill Infrastructure Grant Program, targeting affordable housing projects, including those for educators.
The MOHCD issued a NOFA specifically for the acquisition, predevelopment, and construction financing of new affordable educator housing.
The project was determined to be categorically exempt under CEQA, allowing for expedited development on state-owned land.
The Planning Department found the project consistent with the General Plan and the eight priority policies of the Planning Code.
The Budget and Finance Committee reviewed and recommended the resolution for the loan agreements to the Board of Supervisors.
The Board adopted the resolution approving the loan agreements for the Golden Gate Avenue Phase I housing project.
Reconstructed from attached documents & the official record
