Citywide Affordable Housing Loan Commitee Meeting

685 Ellis Street is a 78-unit Single Room Occupancy (SRO) City-owned property acquired by the Department of Homelessness and Supportive Housing (HSH) in May 2022 with the intent to operate first as interim housing and ultimately convert to permanent supportive housing (PSH) for adults exiting homelessness (Project), funded by Round 3 Homekey. In the Homekey Standard Agreement the City noted its intention to operate the hotel as interim housing for approximately three years from award, then perform a major renovation and converting PSH. HSH and MOHCD have identified John Stewart Company (JSCo) acting as General Partner of 685 Ellis Housing Partners. This predevelopment loan of $3m will allow the Sponsor to develop a rehabilitation scope, timeline and financing plan, with the intention to apply to tax credits in 2027.

Department of Homelessness and Supportive Housing