This resolution allows the City to issue up to $76 million in multifamily housing revenue notes to finance the construction of an 89-unit rental housing project at 65 Santos Street, known as "Sunnydale HOPE SF Block 7." It also approves various agreements and authorizes city officials to take necessary actions to implement the financing and project.
Resolution (this “Resolution”) approving for purposes of the Internal Revenue Codes of 1986, as amended, authorizing the execution and delivery of a multifamily housing revenue note in one or more series in an aggregate principal amount not to exceed $76,000,000 for the purpose of providing financing for the construction of a 89-unit (including one manager unit) multifamily rental housing project located at 65 Santos Street, known as “Sunnydale HOPE SF Block 7”; approving the form of and authorizing the execution of a funding loan agreement, providing the terms and conditions of the loan from the funding lender to the City, and the execution and delivery of the note; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to the borrower; approving the form of and authorizing the execution of an amended and restated funding loan agreement which amends and restates the funding loan agreement on and after conversion; approving the form of and authorizing the execution of an amended and restated borrower loan agreement which amends and restates the borrower loan agreement on and after conversion; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; authorizing the collection of certain fees; approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, the note and the project; granting general authority to City officials to take actions necessary to implement this Resolution; rescinding Resolution No. 162-25; and related matters, as defined herein.
How it got here
The legislation originated from the need to finance the construction of the Sunnydale HOPE SF Block 7 multifamily housing project, following prior approvals and allocations.
The CDLAC allocated $53,305,000 in qualified private activity volume cap for the Sunnydale HOPE SF Block 7 project.
A notice for a public hearing regarding the issuance of multifamily affordable housing mortgage revenue bonds was published.
A public hearing was held to gather comments on the financing plan for the project.
The Board adopted Resolution No. 162-25, authorizing the issuance of a multifamily housing revenue note not to exceed $53,305,000.
A memo was sent to the Clerk of the Board requesting the introduction of a new resolution to increase the note amount to $76,000,000.
The committee recommended the new resolution for approval by the full Board.
The Board adopted the new resolution, increasing the authorized amount for the multifamily housing revenue note to $76,000,000 and rescinding the previous resolution.
Reconstructed from attached documents & the official record
