Resolution approving and authorizing the First Amendment to the Loan Agreement between the City, acting by and through the Mayor’s Office of Housing and Community Development (“MOHCD”), and 1234 Great Highway LLC to finance predevelopment costs associated with the development of an approximately 216-unit multifamily residential project affordable to low-income and formerly homeless seniors, including a commercial shell for community serving space (the “Project”) on the property located at 1234, 1270, and 1280 Great Highway in a total amount not to exceed $27,248,500; 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; and authorizing the Director of MOHCD to make certain modifications to the Loan Agreement, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.

MOHCD issued a Notice of Funding Availability for site acquisition and predevelopment financing for new affordable rental housing, inviting proposals from developers.

After reviewing applications, MOHCD selected Tenderloin Neighborhood Development Corporation and Self-Help for the Elderly as joint developers for the project at 1234 Great Highway.

The Board approved a loan agreement providing $23,348,500 for acquisition and $651,500 for predevelopment activities related to the project.

The Planning Department determined that the project is consistent with the General Plan and eligible for ministerial approval under AB 2162, exempting it from CEQA.

The committee recommended an increase in the predevelopment loan to a total of $27,248,500 to support the project during a funding pause.

The Board received and assigned a resolution to approve the First Amendment to the Loan Agreement, increasing the total loan amount to finance predevelopment costs.