Resolution approving and authorizing the First Amendment to the Amended and Restated Loan Agreement in a total amount not to exceed $16,083,595 (“Loan Agreement”) to finance development costs associated with the development of a 35-unit multifamily residential project affordable to low-income families, including one manager’s unit and a commercial shell for community serving space (the “Project”) on the property located at 3300, 3306, and 3308 Mission Street; 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 the Mayor’s Office of Housing and Community Development (“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, which included the project at 3300 Mission Street.

The committee approved a loan commitment of up to $12,440,242 to 3300 Mission Partners L.P. for the development of the affordable housing project.

The Board approved the Amended and Restated Loan Agreement for the project, which was executed on November 8, 2024.

The Planning Department issued a notice of final approval for the project under AB 2011, confirming its compliance with the Planning Code and General Plan.

The committee recommended an increase in the loan amount to $16,083,595 to cover additional costs due to PG&E infrastructure requirements.

The Mayor's Office submitted a resolution to the Board of Supervisors to approve the first amendment to the loan agreement for the increased funding.

The resolution for the first amendment to the loan agreement was scheduled for a committee hearing.