Citywide Affordable Housing Loan Committee Meetings

The Freedom West Senior team requests approval of a $1,812,449 increase to the existing $3,000,000 predevelopment loan, for a total predevelopment commitment of $4,812,449. The Project received a $23,000,000 Preliminary Gap Commitment on May 1, 2026 and will return later this year for final gap approval. This interim increases funds for critical predevelopment work, including design, permitting, legal, and early trade costs, that must continue now to hold a February 2027 construction start, and is needed because relocation and related unit renovation are drawing down the HAF loan and reducing what is available for other predevelopment. Staff recommends approval.

Freedom West Community Development Corporation, The John Stewart Company, and the Bayview Hunters Point Multipurpose Senior Services

Affordable housing projects funded by the Mayor’s Office of Housing and Community Development (MOHCD) are experiencing higher than anticipated construction costs and extensive schedule delays due to the design and delivery of permanent electrical power. Delays and cost increases have affected many projects in the MOHCD pipeline, including recently completed projects, projects under construction, and projects in predevelopment. 3300 Mission Street is seeking $3,643,353 of additional financing to offset costs associated with PG&E infrastructure that was required after construction start, as well as costs related to the approximately 8-month delay in obtaining permanent power to the project, resulting in delays to tenant lease up and permanent financing conversion.

Bernal Heights Neighborhood Center, Tabernacle Community Development Corporation, and Mitchellville Real Estate Group