This resolution allows the Mayor and the Director of the Mayor’s Office of Housing and Community Development to enter into a grant agreement for nearly $6 million to support a 100% affordable housing project for low-income and formerly homeless households. It also permits the Director to make necessary amendments to the agreement without increasing the city's financial obligations.
Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute a grant agreement with 180 Jones Associates, L.P. in the amount of $5,980,012 for a 25-year term to provide operating subsidies for a 100% affordable housing project housing for low-income and formerly homeless households, effective upon approval of this Resolution; approving the form of and authorizing the execution of the grant agreement; and to authorize the Director of MOHCD to enter into amendments or modifications to the grant agreement that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the grant agreement or this Resolution.
How it got here
This legislation originated from the need to provide operating subsidies for a 100% affordable housing project at 180 Jones Street, following prior approvals and funding commitments.
The Board approved Ordinance 49-17, establishing the 180 Jones Affordable Housing Fund to support affordable housing development at 180 Jones Street.
The Board approved Resolution No. 175-22, granting a $13,950,000 loan to 180 Jones Associates, L.P. for the construction of a 70-unit affordable housing project.
The committee recommended a grant of up to $5,980,012 to 180 Jones Associates, L.P. for operating subsidies to support the affordable housing project.
The Mayor's Office submitted a resolution to the Board to approve the grant agreement for the operating subsidy.
The Budget and Finance Committee recommended the resolution for approval by the Board of Supervisors.
The Board adopted the resolution approving the grant agreement for the operating subsidy for the affordable housing project.
The Mayor approved the resolution, allowing the execution of the grant agreement.
Reconstructed from attached documents & the official record
