Citywide Affordable Housing Loan Committee Meeting

730 Stanyan Associates, L.P., a California limited partnership, an affiliate of the co-Sponsors, Tenderloin Neighborhood Development Center (“TNDC”), and Chinatown Community Development Center ("CCDC") requests up to $11,720,975 in General Funds from the Local Operating Subsidy Program (“LOSP”) to subsidize the operation of 32 permanent supportive housing units for 12 families and 20 transitional aged youth (TAY) experiencing homelessness or at risk of homelessness, out of a total of 160 units that serve extremely low- and low-income households, for a period of 15 years. Located at 730 Stanyan Street in the Haight neighborhood, the Project is an eight-story building with a ground-floor early childhood education center, community-serving commercial and restaurant spaces, community rooms, and services spaces.

730 Stanyan Associates, L.P., a California limited partnership, is an affiliate of the co-Sponsors, Tenderloin Neighborhood Development Center and Chinatown Community Development Center

Swords to Plowshares Veterans Rights Organization (Swords to Plowshares) requests an extension of the existing Small Sites Program (SSP) loan for 629 Post Street. The $30,385,225 SSP loan is a 24-month, 0% interest loan, which was intended to provide bridge financing to 629 Post Street for its acquisition and rehabilitation. At the end of the 24-month term, which expires on June 6, 2025, Swords to Plowshares planned to convert the Project to permanent financing. Due to a predevelopment work that has taken longer than anticipated, Swords to Plowshares is requesting the extension of the SSP loan from 24 months to 48 months, continuing at 0% interest, with a permanent conversion date of no later than June 6, 2027.

Swords to Plowshares

On behalf of Balboa Gateway LP, the Sponsor, BRIDGE Housing Corporation ("BRIDGE"), requests up to $28,346,291 in housing loan funding and $22,619,338 in Infrastructure loan funding for a total preliminary gap financing commitment of up to $50,965,629.

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, currently owned by the San Francisco Public Utilities Commission (SFPUC) and currently used as a surface lot leased to two tenants. 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 the Reservoir. Balboa Building A will serve families earning between 38% and 80% MOHCD AMI. The 159 units in the Balboa Reservoir. Building A will consist of 13 studios, 65 one-bedrooms, 40 two-bedrooms, 40 three-bedrooms, and 1 three-bedroom manager’s unit (“Project”).

BRIDGE is requesting a preliminary gap funding commitment of $50,965,629 for Building A to support their application for 4% Low-Income Housing Tax Credit tax-exempt bonds, which they intend to submit on May 20, 2025.

If awarded tax credits, the Sponsor plans to start construction in January 2026 and complete construction by September 2027.

BRIDGE Housing Corporation

The Citywide Affordable Housing Loan Committee approved the Post-COVID Portfolio Stabilization Policy (“Stabilization Policy”) on April 19, 2024. The Stabilization Policy allows temporary waivers

of certain funding and policy requirements so that resources from cash flowing projects in a sponsor’s portfolio may be used to support the operations at a project experiencing operating deficits. This Policy does not call for the infusion of new City funds into Projects. The proposed updates to the Stabilization Policy are informed by the feedback MOHCD received from sponsors after the first-year implementation.

Mayor’s Office of Housing and Community Development