This resolution approves a loan of $8 million and a grant of $3 million to 1035Vets LLC to convert a property at 1035 Van Ness Avenue into 124 supportive housing units for veterans experiencing homelessness. It also allows the Mayor and the Director of the Mayor's Office of Housing and Community Development to manage the agreement and make necessary adjustments.
Resolution approving and authorizing a Loan and Grant Agreement in an amount not to exceed $11,000,000 consisting of a loan in the amount of $8,000,000 for a minimum term of 55 years and a grant in the amount of $3,000,000 with 1035Vets LLC for the purpose of rehabilitating real property located at 1035 Van Ness Avenue (“1035 Van Ness”) into 124 units of permanent supportive housing for veterans exiting homelessness under the Homekey+ Program administered by the California Department of Housing and Community Development (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; authorizing the Mayor and the Director of Mayor’s Office of Housing and Community Development (“MOHCD”) to execute the Loan and Grant Agreement, and make certain modifications to such agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein; and authorizing the Director of MOHCD to enter into any additions, amendments, or other modifications to the Loan and Grant Agreement that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of this Resolution.
How it got here
The legislation originated from a need to rehabilitate a vacant building into permanent supportive housing for veterans, prompted by state funding opportunities and local homelessness initiatives.
The Planning Department determined that the rehabilitation of the property at 1035 Van Ness Avenue is eligible for ministerial project approval under AB 2162, consistent with the General Plan and Planning Code policies.
HCD approved a grant award of $39,044,030 under the Homekey+ Program for the acquisition and rehabilitation of the property, which includes $3,000,000 specifically for rehabilitation costs.
The committee recommended that the City provide rehabilitation and permanent financing for the project in an amount not to exceed $11,000,000, consisting of a loan and grant.
The Mayor's Office submitted a resolution to the Board of Supervisors for approval of a Loan and Grant Agreement with 1035Vets LLC to rehabilitate the property into supportive housing for veterans.
The Budget and Finance Committee recommended the resolution for adoption, supporting the funding for the project.
The Board of Supervisors adopted the resolution approving the Loan and Grant Agreement for the project, allowing for the rehabilitation of the property into 124 units of permanent supportive housing for veterans.
Reconstructed from attached documents & the official record