The resolution authorizes the Mayor and the Director of the Mayor’s Office of Housing and Community Development to amend a loan agreement for a project at 2530-18th Street, which will be developed into a 100% affordable multifamily rental building for families. It approves a new loan amount of up to $6.9 million, with total funding for the project not exceeding $11.8 million, and allows city officials to take necessary actions to implement the resolution.
Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and Community Development to execute a First Amendment to the Loan Agreement with 2530 18th, LLC, a California limited liability company, relating to a loan for the acquisition of real property located at 2530-18th Street intended for the development of a 100% affordable multifamily rental building for families (the “Project”), for a new total loan amount not to exceed $6,900,000 and an aggregate funding amount not to exceed $11,846,900 for the Project; approving the form of the loan agreement and ancillary documents; ratifying and approving any action heretofore taken in connection with the Project, as defined herein; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and finding that the loan 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 a Notice of Funding Availability aimed at developing affordable housing for families, particularly those experiencing homelessness.
A Notice of Funding Availability was issued for acquisition and development financing for affordable rental housing for families, including those experiencing homelessness.
MOHCD awarded a preliminary gap commitment of $16 million to support the development of the 2530 18th Street project.
The committee recommended approval of a $4.9 million acquisition loan and a $4.946 million predevelopment loan for the project.
MOHCD executed a loan agreement providing $4.9 million to 2530 18th, LLC for the acquisition of the property.
The committee recommended an additional loan of up to $2 million to help repay a bridge loan, increasing the total loan amount to $6.9 million.
The Budget and Finance Committee recommended the resolution for the first amendment to the loan agreement.
The Board of Supervisors adopted the resolution approving the first amendment to the loan agreement for the project.
Reconstructed from attached documents & the official record
