Citywide Affordable Housing Loan Committee

Mercy Housing California requests up to $55,650,639 in General Funds from the Local Operating Subsidy Program (LOSP) to subsidize operations of 145 studio units of permanent supportive housing for adults previously experiencing homelessness and one 2-BR resident manager’s unit, plus $20,861,860 for debt service, for a total request of $76,512,081 over 19 years. 1633 Valencia is being developed as 145 newly constructed studio units, plus one staff unit, targeted to seniors age 55 and older. This unique LOSP structure and contract term was approved by the Citywide Affordable Housing Loan Committee on April 5, 2024, when Loan Committee reviewed the initial operating budget and funding structure and provided a LOSP contract and permanent financing commitment to enable the Project to close on construction financing. The building will complete construction in December 2025 and start operations in January 2026.

Mercy Housing California

Since 2019, No Place Like Home (“NPLH”) program has provided over $91M to MOHCD through four NOFAs, provided by the Department of Housing and Community Development, in order to invest in the development of permanent supportive housing for persons who are at risk, or experiencing, chronic homeless and who are in need of mental health services. In order to expend the NPLH funds quickly and to align to the NPLH Round 2 Guidelines, MOHCD has added language to include a COSR in the MOHCD Underwriting Guidelines and references to the NPLH Guidelines.