Citywide Affordable Housing Loan Committee Meetings

On behalf of Octavia RSU Associates, L.P., Tenderloin Neighborhood Development Corporation (TNDC) requests up to $10,589,361 in General Funds over a 15-year contract from the Local Operating Subsidy Program (LOSP) to subsidize operations of 32 supportive housing units (out of 64 total units) for Transitional Age Youth (TAY) who have experienced or are at risk of homelessness. The request also includes a new No Place Like Home (NPLH) Capital Operating Subsidy Reserve (COSR) of up to $4,780,000 to support the NPLH TAY units over 20 years, to be funded as a grant and paid annually, similar to LOSP. TNDC also requests a repayment deferral of the awarded $945,000 in Affordable Housing Program (AHP) funds from the Federal Home Loan Bank of San Francisco (FHLBSF) so that these funds can be used for capital costs during construction. This proposed use of AHP and repayment deferral is permitted in the 2024 Loan Amendment subject to MOHCD written approval based on the 2024 additional loan funds request reviewed by Loan Committee. Finally, this request updates Loan Committee on the new Designated Child Care Unit (DCCU) on the ground floor that has been added to the Project since the planned childcare center was determined to no longer be feasible after start of construction.

Octavia RSU Associates, L.P., Tenderloin Neighborhood Development Corporation

Introducing the vacant commercial spaces funding program. The program supports the activation of commercial spaces that remain vacant due to challenges in securing rehabilitation funding.

Mayor’s Office of Housing and Community Development

SFCLT 16th Street Housing, LLC, a California limited liability company (Borrower), request Small Sites Program and PASS (2016 GO Bond Series 2025E) funds not to exceed $3,246,503 from the Mayor’s Office of Housing and Community Developer (MOHCD) for acquisition, rehabilitation, and permanent financing of the property located at 3235-3237 16th Street. Located in the Mission neighborhood, the property was built in 1905 and contains 6 units (5 residential, 1 commercial).

San Francisco Community Land Trust

1979 Mission Street PSH Associates, L.P., a California limited partnership (the “LP”) requests $61,163,787 in final gap financing from MOHCD, comprised of $45,163,787 of City sources + $16,000,000 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 40 NPLH units (the “Project”). Additionally, the LP is requesting NPLH funds in the amount of $11,911,265, to fund a Capitalized Operating Subsidy Reserve to support the Behavioral Health Services Center at the Project. The Project will be subsidized through HUD’s Restore-Rebuild program (formerly Faircloth to RAD) and the City’s Local Operating Subsidy Program. This request for final gap commitment will allow the LP to close the bond, tax credit and MOHCD financing and commence construction of the Project.

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.

Mission Housing Development Corporation and Mission Economic Development Agency