This resolution approves a grant agreement for over $3.2 million to support an 88-unit affordable housing project for extremely low-income households, starting in July 2026 and lasting until December 2042. It also gives city officials the authority to execute the agreement and take necessary actions to implement it.
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 1166 Howard Street Associates, LP in an amount not to exceed $3,239,075 for a term of 16 years and six months commencing on July 1, 2026, through December 31, 2042, to provide project-based rental subsidies for an 88-unit 100% affordable housing project housing extremely low-income households as part of the Affordable Housing Opportunity Fund and Program; 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 an affordable housing project 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 the AHOF, inviting applications for rental subsidies to support extremely low-income households.
The committee recommended approval of a grant to 1166 Howard Street Associates, LP for project-based rental subsidies for the SOMA Studios project.
The Board received and assigned the resolution to approve the grant agreement for the SOMA Studios project, which will provide rental subsidies for extremely low-income households.
Reconstructed from attached documents & the official record
