This resolution seeks approval for a grant agreement to provide nearly $4.5 million in rental subsidies for a 55-unit affordable housing project aimed at extremely low-income households, lasting from July 2026 to January 2043. It also authorizes city officials to take necessary actions to implement the agreement.
Resolution retroactively 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 Ambassador Ritz Four Percent, LP in an amount not to exceed $4,493,845 for a term of 16 years and six months, from July 1, 2026, through January 1, 2043, to provide project-based rental subsidies for a 55-unit 100% affordable housing project housing extremely low-income households; approving the form of and authorizing the execution of the grant agreement; and granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein.
How it got here
This legislation originated from the need to provide project-based rental subsidies for extremely low-income households as part of the Affordable Housing Opportunity Fund established by Proposition G.
Voters approved Proposition G, establishing the Affordable Housing Opportunity Fund (AHOF) to provide rental subsidies for extremely low-income households.
MOHCD issued a Request for Proposals for rental subsidies under the AHOF program.
The committee recommended approval of a grant to Ambassador Nine Percent, LP for project-based rental subsidies for the Ambassador Ritz project.
The resolution to approve the grant agreement was received and assigned for committee action.
Reconstructed from attached documents & the official record
