This resolution allows the Mayor and the Director of the Mayor’s Office of Housing and Community Development to finalize a loan of up to $37.8 million to finance the purchase and renovation of 15 rental housing buildings for low- to moderate-income families, totaling 89 residential units and 9 commercial units. It also confirms that the project complies with environmental regulations and city planning policies.
Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute loan documents relating to a loan with MEDA Precita Small Properties, LLC in a total amount not to exceed $37,820,766 to finance the acquisition, rehabilitation, and permanent financing of fifteen multifamily rental housing buildings for low- to moderate-income households, consisting of a total of 89 residential rental units and nine ancillary commercial units, located at 3329-3333 20th Street, 3182-3198 24th Street, 3353-26th Street, 1500 Cortland Avenue, 35 Fair Avenue, 3840 Folsom Street, 642-646 Guerrero Street, 63-67 Lapidge Street, 2217-2221 Mission Street, 3800 Mission Street, 19-23 Precita Avenue, 344-348 Precita Avenue, 269-271 Richland Avenue, 380 San Jose Avenue, and 1015 Shotwell Street, pursuant to the Small Sites Program (collectively, the “Project”); affirming the Planning Department’s determination under the California Environmental Quality Act; adopting findings that the Project and the proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and authorizing the Director of MOHCD or his or her 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
This legislation originated from the need to finance the acquisition and rehabilitation of multiple affordable housing properties in San Francisco under the Small Sites Program.
The Citywide Affordable Housing Loan Committee authorized the Small Sites Acquisition and Rehabilitation Loan Program to preserve and stabilize existing rental housing for low- to moderate-income tenants.
The Committee approved revised guidelines for the Small Sites Program, allowing for the consideration of sites with over 40 residential units.
The Committee recommended approval of a loan for the acquisition, rehabilitation, and permanent financing of the Project, totaling $37,820,766.
The Planning Department determined that the Project is not defined as a project under CEQA and is consistent with the General Plan.
The Mayor's Office submitted the loan agreement for approval to the Board of Supervisors, detailing the financing for the Project.
The Budget and Finance Committee recommended the resolution for the loan agreement to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving the loan agreement with MEDA Precita Small Properties, LLC.
The Mayor approved the resolution, finalizing the authorization for the loan agreement.
Reconstructed from attached documents & the official record