Citywide Affordable Housing Loan Committee Meetings

The John Stewart Company (JSCo) and Catholic Charities CYO of the Archdiocese of San Francisco (CCCYO), requests a preliminary gap commitment of $46,903,604 to finance development of a new construction multifamily development located on a Treasure Island Development Authority (TIDA) owned parcel, IC4.3, on Treasure Island (TI). The preliminary gap loan request includes MOHCD and TIDA sources of funds. This request allows the Sponsor to apply for 4% low-income tax credits through the California Debt Limit Allocation Committee (CDLAC) on September 8, 2026.

IC4.3 will provide 150 affordable units (5 studios, 45 one-bedrooms, 61 two-bedrooms, 32 three-bedrooms, and 6 required replacement four-bedrooms) for families and includes a two-bedroom manager’s unit with 30 of the total units designated as Treasure Island Transition Units, and 61 units as HomeRise/One Treasure Island replacement units, as well as a community-serving childcare center. Transition Units are non-income restricted units at initial occupancy for existing Treasure Island residents (Legacy Households). Once any Transition Unit is no longer occupied by a Legacy Household, it will be leased at or below 150% MOHCD AMI. There are 61 units set aside for HomeRise/One Treasure Island replacement units which are permanent supportive housing (PSH) units supported with 61 project-based vouchers under contract with the San Francisco Housing Authority (SFHA). The remaining 59 units include a manager’s unit and 58 new housing units marketed through DAHLIA and affordable to households at or below 80% MOHCD’s area median income (MOHCD AMI) depending on household size.

In addition to a permanent loan from the City that contains MOHCD and TIDA funding sources and that is inclusive of the predevelopment loan, the proposed permanent financing includes equity from 4% Low-Income Housing Tax Credits, Deferred Developer Fee, General Partner Equity, commercial permanent loan, Affordable Housing and Sustainable Communities (AHSC) soft loan and grant, and a Federal Home Loan Bank Affordable Housing Program (“AHP”) loan. In December 2025, the Project confirmed an AHSC award of a $30,000,000 housing loan and a $15,109,140 grant. If awarded tax credits in December 2026, the Sponsor will return for a final gap loan in January 2027 and anticipates starting construction in June 2027 with construction completion anticipated for May 2029.

The John Stewart Company and Mercy Housing California

McCormack Baron Salazar (MBS) representing five separate limited partnerships, requests a $2,500,000 loan to address emergency maintenance, repair, and habitability issues at Alice Griffith, a four-phase, five project, 337-unit development that is part of the HOPE SF public housing revitalization project and serves very low-income households. Ongoing challenges at the Projects including low tenant rent collection, abatement of Project-Based Voucher subsidy payments by the San Francisco Housing Authority (SFHA), significant vacancy loss, inflation, and staff turnover and vacancy have resulted in decreased operating funds, which in turn have led to deferred maintenance and repairs and inadequate property management. On February 7, 2025, Loan Committee approved an emergency stabilization loan of $500,000 to address acute needs at Alice Griffith Phase 1, 2, and 3A. This funding request builds on improvements funded through the emergency stabilization loan to address urgent habitability issues and life-safety issues.

McCormack Baron Salazar

2550 Irving Associates, L.P., a California limited partnership, and an affiliate of the Sponsor, Tenderloin Neighborhood Development Center (“TNDC”), requests a $3,191,896 increase in previously committed General Funds from the Local Operating Subsidy Program (“LOSP”), for a total of up to $11,796,433, to subsidize the operation of 22 permanent supportive housing units for families experiencing homelessness or at risk of homelessness, out of a total of 90 units that serve extremely low- and low-income households, for a period of 15 years. Located at 2550 Irving Street, in the Outer Sunset neighborhood, the Project is a seven-story building with ground-floor community-serving spaces, and an office for the Sunset Chinese Cultural District.

2550 Irving Associates, L.P., a California limited partnership, is an affiliate of Tenderloin Neighborhood Development Center

Mission Housing Development Corporation is requesting an extension to the amortization period and loan term for the existing PASS Loan for South Park Scattered Sites, in order to stabilize the project financially. The project comprises three SROs —Hotel Madrid (22 S. Park), the Park View (102 S.Park), and the Gran Oriente (106 S. Park) in the South of Market Neighborhood and includes 60 units of Permanent Supportive Housing (PSH) and 46 units of extremely low-income housing. Since completion of a rehabilitation in July 2023, the Project has experienced a significant decrease in rental income because of lease up difficulties, chronic vacancies, and property management underperformance.

Mission Housing Development Corporation

Related and Mercy request $9,162,287 to support the demolition and abatement of 23 buildings in the Phase 2A and 2B areas (collectively, Phase 4) of Sunnydale HOPE SF. In July, Loan Committee approved a predevelopment loan for the Project. This request is for full demolition funding. The current schedule targets demolition and abatement starting in October 2026, with completion in spring 2027.

Related California and Mercy Housing California

Mission Economic Development Agency (“MEDA”) requests approval for i) a Small Sites Program loan of up to $18,037,500 and ii) a Preservation and Seismic Safety loan of up to $4,120,000 for the permanent financing of the property located at 2059-2061 Mission Street, a project comprised of 35 residential units and four commercial spaces located in San Francisco’s Mission District.

Mission Economic Development Agency