Citywide Affordable Housing Loan Committee Meetings

In November 2024, San Francisco voters approved Proposition G, the Affordable Housing Opportunity Fund (“AHOF”), which amended the San Francisco Charter to fund rental subsidies in affordable housing developments serving Acutely or Extremely Low-Income Households including seniors, families, and persons with disabilities. On January 13, 2026, MOHCD issued a Notice of Funding Availability with up to $3,254,476 available in FY 26-27 and up to $4,274,655 available in FY27-28 for AHOF. Four preservation projects and 5 new construction projects applied; 8 projects were awarded funding.

Staff are now seeking approval of five new AHOF contracts for two new construction projects (160 Freelon and 3300 Mission), plus three Preservation projects (SOMA Studios, Ambassador Ritz, and South Park Scattered Sites) as summarized below. Loan Committee and Board of Supervisors’ approval of these contracts is required as the contracts are longer than 10 years.

San Francisco Mayor’s Office of Housing and Community Development

The Citywide Affordable Housing Loan Committee approved the Post-COVID Portfolio Stabilization Policy (“Stabilization Policy”) on April 19, 2024, and an update on May 2, 2025. The Stabilization Policy allows temporary waivers of certain funding and policy requirements so that resources from cash flowing projects in a sponsor’s portfolio may be used to support the operations at a project experiencing

operating deficits. This Policy does not call for the infusion of new City funds into Projects. In the first two years of implementation, the Stabilization Policy has resulted in $10M allocated from Donor Projects to Deficit Project, and the Policy remains in effect through December 31, 2026. MOHCD has received feedback that some projects still continue to struggle to stabilize and would benefit from an extension of the Policy. The proposed Limited Extension would allow for sponsors to utilize the residual receipts and excess proceeds from gap financing waivers for an additional one-year through December 31, 2027.

San Francisco Mayor’s Office of Housing and Community Development