Citywide Affordable Housing Loan Committee Meeting

IC4.3 Family Housing, LP requests a preliminary gap loan commitment for California Strategic Growth Council’s Affordable Housing and Sustainable Program (“AHSC”) in the amount not to exceed $46,903,604 for Treasure Island Parcel IC4.3 (“IC4.3”), a proposed 150 unit new construction affordable housing development for families of which up to 30 units are transition replacement units for Treasure Island Legacy Households and 61 units are One Treasure Island replacement units for existing residents residing in HomeRise Villages and Island Bay Homes. The One Treasure Island replacement units are permanent supportive housing units for households formerly experiencing homelessness.

The John Stewart Company and Catholic Charities CYO of the Archdiocese of San Francisco

Chinatown Community Development Center requests up to $13,658,000 in PASS mortgage financing and the recast of $10,029,078 in existing loans with amendments to split existing loans to facilitate the tax credit closing for the rehabilitation of 63 units of housing for seniors and the addition of 5 units to the property.

Chinatown Community Development Center

The Freedom West Senior Housing project is a proposed 115-unit affordable senior development at 880 McAllister Street, sponsored by The John Stewart Company (JSCo), Bayview Hunters Point Multipurpose Senior Services (BHPMSS), and Freedom West Homes Corporation (FWHC). The sponsor is requesting Loan Committee approval for a $3 million Mayor’s Office of Housing and Community Development (MOHCD) predevelopment loan.

The John Stewart Company, Bayview Hunters Point Multipurpose Senior Services, Freedom West Homes Corporation

1979 Mission Street PSH Associates, L.P., a California limited partnership (the “LP”) requests $53,464,280 in preliminary gap financing from MOHCD ($27,200,000 of City sources + $26,264,280 of Department of Housing and Community Development No Place Like Home (NPLH) funds) for 2970 16th Street, a 136 unit new construction housing project for formerly homeless adults located at 2970 16th Street, which will include 50% NPLH units and 14 HOME ARP units (the “Project”). The Project will be subsidized through HUD’s Restore-Rebuild program (formerly Faircloth to RAD). This request for preliminary gap commitment will allow the LP to apply for CDLAC and TCAC financing before returning for final MOHCD gap approval in September 2025.

Mission Housing Development Corporation, a California nonprofit public benefit corporation (“MHDC”), and Mission Economic Development Agency, a California nonprofit public benefit corporation (“MEDA”), are the co-sponsors of the Project. The LP is the single asset entity which will ground lease the land from MOHCD and develop and own the Project. The LP is controlled by affiliates of MHDC and MEDA.

Swords to Plowshares Veterans Rights Organization (Swords to Plowshares), acting through 1035Vets LLC, requests preliminary gap financing commitment of up to $8,000,000 to support the acquisition and rehabilitation of 1035 Van Ness Avenue and its application for funding to HCD for Homekey + funds. This request supports a $35,500,000 HK+ application. The 55-year, $8,000,000 loan will be interest free, residual receipts only, funded by the Department of Homelessness and Supportive Housing (HSH) with GO Bonds and Our City Our Home funds. 1035 Van Ness will serve 124 Veterans with behavioral health needs (serious mental illness or substance use disorder.) 66 units will be studios, with the remaining 58 units having private bathrooms and kitchenette, but no cooking range. Maximum income is set at the Homekey+ limit of 30% TCAC AMI. The 66 studios will have a VASH contract for operating support, and the entire building will have a LOSP contract in the years where this is necessary. The HK+ application includes a request to HCD for a capitalized operating reserve, which will support the first 5 years of project operations. If awarded HK+funds, the project is expected to begin construction in October 2025 and be complete 6 months later at the end of March 2026.

In the event that HCD does not award HK+ funds, Swords further requests a commitment of $30,000,000 of PASS loan funds, with a 40-year term at 5% simple interest. These PASS funds, in addition to the $8M from HSH sources, are sized with modest reduction in total development costs, to support the acquisition and rehabilitation of the project. If moving forward with the PASS funds, the project is expected to begin construction in October 2025 and be complete 6 months later at the end of March 2026.

Swords to Plowshares

Five Keys School and Programs (acting as 835 Turk LLC) is requesting a preliminary gap financing commitment of up to $12.9 million for the rehabilitation of 835 Turk, a Permanent Supportive Housing (PSH) project currently in predevelopment. This request supports a $13.3 million Homekey+ application for operational funding and includes $4.5 million in a Capitalized Operating Subsidy Reserve (COSR) to support 53 of the 106 total units during the first five years after rehabilitation.

Five Keys School and Programs

MOHCD’s Residual Receipts Policy establishes guidance on the distribution and use of residual receipts generated by MOHCD and OCII-financed projects. The Residual Receipts Policy was last updated in 2016. This update aligns MOHCD’s Policy with industry standards and clarifies language and procedures. The proposed updates to the Residual Receipts Policy are informed by the feedback MOHCD received from affordable housing developers and operators

Mayor’s Office of Housing and Community Development