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.
Resolution approving and authorizing the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute documents relating to a loan with 1303 Larkin Street, L.P., a California limited partnership, for an aggregate loan amount not to exceed $18,502,271 to finance the acquisition, rehabilitation, and permanent financing of a 100% affordable, 68-unit multifamily rental housing development for low-income households located at 1303 Larkin Street (the “Project”); adopting findings that the Project and proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; affirming the Planning Department’s determination under the California Environmental Quality Act; authorizing the Director of MOHCD or their designee to execute the loan documents for the Project and make certain modifications to such loan documents, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
How it got here
The legislation originated from a Notice of Funding Availability issued by the Mayor's Office of Housing and Community Development to support the rehabilitation of affordable housing.
MOHCD issued a Notice of Funding Availability for Existing Nonprofit Owned Rental Housing Capital Repairs to solicit qualified affordable housing developers for capital improvements and repairs.
The committee recommended approval to the Mayor for a loan to finance the acquisition, rehabilitation, and permanent financing of the Project.
The Planning Department determined that the Project is exempt from the California Environmental Quality Act as a Class 1 exemption.
The Mayor's Office submitted a resolution to the Board of Supervisors to approve a loan agreement with 1303 Larkin Street, L.P. for the Project.
The Budget and Finance Committee recommended the resolution for approval to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving the loan agreement for the Project.
The Mayor approved the resolution, finalizing the loan agreement for the Project.
Reconstructed from attached documents & the official record