Citywide Affordable Housing Loan Committee Meetings

Swords to Plowshares: Veterans Rights Organization (Swords), acting through 1035Vets LLC, requests permanent gap financing of up to $8,000,000 to support the rehabilitation of 1035 Van Ness Avenue as 124 units of Permanent Supportive Housing for Veterans. This request supports a California Department of Housing and Community Development (HCD) award of Homekey+ funds in the amount of $39,044,030 which would be used to take out the San Francisco Housing Accelerator Fund’s (SFHA) acquisition/rehabilitation loan and provide approximately $3 million in additional Homekey+ capital for rehabilitation funding, as well as $6,244,030 in Homekey+ operating awards to fund building operations. The Project is a collaboration between the nonprofit owner and service provider Swords, and the San Francisco Department of Homelessness and Supportive Housing.

Swords to Plowshares: Veterans Rights Organization

Five Keys Schools and Programs (Five Keys), acting through 835 Turk LLC, is requests permanent gap financing of up to $26,651,907 to support the rehabilitation of 835 Turk Street as 106 units of Permanent Supportive Housing for formerly homeless individuals. This request supports $12,922,000 in City loan funds and a HCD award of Homekey+ funds in the amount of $13,729,907. The total Homekey+ award consists of $12,729,907 as a Capital Award, $1,000,000 in Relocation Assistance. The project is a collaboration between nonprofit owner Five Keys and the San Francisco Department of Homelessness and Supportive Housing.

Five Keys School and Programs

Balboa Reservoir Building A is the second of four multifamily affordable housing developments planned as a part of the Balboa Reservoir Master Plan Development (“Balboa Reservoir”). Balboa Reservoir is a 17-acre Site located across from City College, previously owned by the San Francisco Public Utilities Commission (SFPUC) and used as a surface parking lot. In 2017, BRIDGE Housing Corporation (“BRIDGE” or “Sponsor”) and Avalon Bay were selected as the Master Plan developers (“Master Developers”), with BRIDGE leading the affordable housing component of Balboa Reservoir. Balboa Building A will serve families earning between 38% and 80% MOHCD AMI. The 159 units in Building A will consist of 13 studios, 65 one-bedrooms, 40 two-bedrooms, 40 three-bedrooms, and 1 three-bedroom manager’s unit (“Project” or "Building A").

BRIDGE is requesting a final gap loan of up to $29,280,757 for Building A vertical construction. The project represents an important opportunity to attain geographic equity by expanding affordable housing in San Francisco’s West Side neighborhoods. The Sponsor plans to start construction in April 2026 and complete construction by January 2028. The Project’s ability to start construction on schedule depends on the closing schedule and on completion of shared infrastructure/offsites work at Balboa Reservoir, which is funded by a combination of MOHCD infrastructure/offsites loans and approximately $20 million State Infill Infrastructure Grant (“IIG”) Round 7 award. MOHCD is currently working with BRIDGE to ensure that Building A is ready by the time construction financing closes in April 2026. MOHCD’s financing for Infrastructure/Offsites that is supporting Building A and Building E has been combined into a single loan totaling up to $52,035,478 as approved by Loan Committee on June 27, 2025.

BRIDGE Housing Corporation