This resolution allows the City to issue up to $19 million in revenue notes to finance the construction of a 68-unit rental housing project at 1303 Larkin Street. It also approves various agreements and authorizes city officials to take necessary actions to implement the project.
Resolution authorizing the execution and delivery of multifamily housing revenue notes in one or more series in an aggregate principal amount not to exceed $19,000,000 for the purpose of providing financing for the construction of a 68-unit multifamily rental housing project located at 1303 Larkin Street, known as “1303 Larkin Street”; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the construction loan from the funding lender to the City, and the execution and delivery of the notes; approving the form of and authorizing the execution of a project loan agreement providing the terms and conditions of the construction loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants for the project; authorizing the collection of certain fees; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance and sale of residential mortgage revenue notes by the City in an aggregate principal amount not to exceed $19,000,000; approving modifications, changes, and additions to the documents; ratifying and approving any action heretofore taken in connection with the funding loan, the project loan, the notes, and the project; granting general authority to City officials to take actions necessary to implement this Resolution; and related matters, as defined herein.
How it got here
The legislation originated from the need to finance the construction of a 68-unit affordable housing project at 1303 Larkin Street, prompted by prior resolutions and approvals from city departments and the California Debt Limit Allocation Committee.
The Board adopted Resolution No. 009-23, allowing the Mayor to execute a certificate to declare the intent to reimburse expenditures for a multifamily rental housing project and to authorize the submission of an application to the California Debt Limit Allocation Committee (CDLAC).
The Mayor executed an Inducement Certificate to reimburse certain project expenditures from future tax-exempt multifamily housing revenue bonds and authorized the Director of the Mayor’s Office of Housing and Community Development (MOHCD) to submit an application to CDLAC.
CDLAC adopted Resolution No. 24-271, allocating $13,987,000 in qualified private activity bond volume cap for the project.
CDLAC adopted Resolution No. 25-240, allocating an additional $2,563,478 for the project, supplementing the original allocation.
A notice for a public hearing regarding the issuance of multifamily affordable housing mortgage revenue notes was published, scheduled for September 3, 2025.
A public hearing was conducted to gather comments on the proposed issuance of bonds for the project, with no public opposition noted.
The Board adopted the resolution authorizing the execution and delivery of multifamily housing revenue notes for the project, not to exceed $19,000,000.
The Mayor approved the resolution passed by the Board of Supervisors, finalizing the authorization for the financing of the project.
Reconstructed from attached documents & the official record
This resolution allows the Mayor’s Office of Housing and Community Development to finalize a loan of up to $18,502,271 for a 68-unit affordable housing project at 1303 Larkin Street. It confirms that the project aligns with city planning policies and environmental regulations.
This resolution allows the Mayor’s Office of Housing and Community Development to finalize a loan of up to $18,502,271 for a 68-unit affordable housing project at 1303 Larkin Street. It confirms that the project aligns with city planning policies and environmental regulations.
This resolution allows the City to issue certificates that declare its intent to reimburse costs for multifamily rental housing projects using residential mortgage revenue bonds. It also grants authority to approve these bonds to finance such projects in San Francisco.
