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.
Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute a grant agreement with 967 Mission, LP in the amount of $10,548,907 for a term of 15 years to provide operating subsidies for a 95-unit 100% affordable housing project, with 40 units of housing for extremely low-income seniors; approving the form of and authorizing the execution of the grant agreement; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein.
How it got here
The legislation originated from the need to provide operating subsidies for a new affordable housing project for extremely low-income seniors in San Francisco.
The Board authorized the Mayor's Office of Housing and Community Development (MOHCD) to accept and expend a grant award under the California Department of Housing and Community Development’s Permanent Local Housing Allocation Program, totaling up to $52,308,210.
The City received land dedication from the 5M Project developer, which was authorized by the Board in 2015.
MOHCD issued a Request for Qualifications for developers to propose on the 967 Mission Street site, receiving three proposals.
The Citywide Loan Committee recommended approval of a grant to 967 Mission, LP for $10,548,907 to subsidize 40 units for extremely low-income seniors.
The Mayor's Office submitted the grant agreement for approval to the Board of Supervisors, outlining the terms for the operating subsidy.
The Budget and Finance Committee recommended the resolution for the grant agreement to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving the grant agreement with 967 Mission, LP.
Reconstructed from attached documents & the official record
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.
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 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.
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.
