This resolution allows the city to issue up to $41.75 million in revenue notes to finance the construction of a 95-unit rental housing development called "967 Mission." It also approves various agreements and authorizes city officials to take necessary actions related to the financing and project implementation.
Resolution authorizing the execution and delivery of a multifamily housing revenue note (tax-exempt) in a principal amount not to exceed $21,750,000 and a multifamily housing revenue note (taxable) in an aggregate principal amount not to exceed $20,000,000 for a total not to exceed amount of $41,750,000 for the purpose of providing financing for the construction of a 95-unit multifamily rental housing development known as “967 Mission”; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the loan from the funding lender identified therein to the City and for the execution and delivery of the notes; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; approving the form of and authorizing the execution of an assignment of deed of trust and loan documents; authorizing the collection of certain fees; approving modifications, changes, and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, 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 95-unit multifamily rental housing development known as '967 Mission' in San Francisco.
The Board authorized the acquisition of the site for the 967 Mission project.
A developer was selected for the project after issuing a request for qualifications (RFQ).
A public hearing was held to discuss the issuance of tax-exempt multifamily housing revenue bonds for the project, as required by federal law.
CDLAC allocated $21,750,000 in qualified private activity bond allocation cap to the project.
The Mayor's Office submitted a resolution to the Board of Supervisors to authorize the execution and delivery of multifamily housing revenue notes for the project.
The Budget and Finance Committee recommended the resolution for approval.
The Board of Supervisors adopted the resolution authorizing the multifamily housing revenue notes.
The Mayor approved the resolution, finalizing the authorization for the financing of the project.
Reconstructed from attached documents & the official record
This resolution approves a long-term lease for city-owned property at 967 Mission Street to develop a 95-unit affordable housing project for seniors, including units for homeless seniors. It also authorizes financing and loan agreements to support the construction of this project.
This resolution approves a $10.5 million grant for a 95-unit affordable housing project, specifically designed to support extremely low-income seniors. It authorizes the Mayor and housing officials to finalize the grant agreement and take necessary actions for implementation over a 15-year term.
This resolution approves a long-term lease for city-owned property at 967 Mission Street to develop a 95-unit affordable housing project for seniors, including units for homeless seniors. It also authorizes financing and loan agreements to support the construction of this project.
This resolution approves a $10.5 million grant for a 95-unit affordable housing project, specifically designed to support extremely low-income seniors. It authorizes the Mayor and housing officials to finalize the grant agreement and take necessary actions for implementation over a 15-year term.
