Citywide Affordable Housing Loan Committee Meeting

Friday, April 19, 2024

In this page:


    1. Request for infrastructure gap loan for Hope SF Sunnydale phase 3

      Sunnydale HOPE SF Infrastructure Phase 3 is the third infrastructure development phase within the Sunnydale HOPE SF Master Plan, to be developed by Mercy Housing California and Related California following the completion of the first combined infrastructure Phases 1A1/1A2 and second Phase 1A3. Phase 3 combines three smaller noncontiguous infrastructure phases (Phases 1B, 1C and 3C) and totals approximately 14.67 acres (638,875 square feet) making it HOPE SF’s largest infrastructure phase to date. Phase 3 will include two 100% affordable housing developments (Block 7 with 89 units and Block 9 with 95 units), two market-rate sites (Blocks 8A and 8B), two new open spaces (Blocks 2 and 4), and new public rights-of-way (“ROWs”). Phase 3 completed the demolition and abatement of 14 public housing buildings with 141 units in February 2024.


      The Sponsor received Loan Committee approval for infrastructure predevelopment financing in May 2021 and demolition/abatement financing in October 2022. To complete this Project, the Sponsor is requesting up to an additional $42,387,512 in infrastructure financing, for a total of $52,362,512 to fund infrastructure improvements. Notice to Proceed for the West Access Road is scheduled for June 2024 and for Phases 1B and 1C for Q4 2024 depending on completion of West Access Road. Notice of completion for all infrastructure is scheduled for Q1 2026 with full BOS acceptance in Q4 2026.


      Mercy Housing California & Related California.

    2. Request for permanent financing for 2425 Post Street

      Conard Housing Development Corporation, through Conard Post LLC, requests up to $3,326,000 in Cooperative Living for Mental Health Program funding from the Mayor’s Office of Housing and Community Development for the permanent financing of the property located at 2425 Post Street, in the Western Addition neighborhood of San Francisco. 2425 Post is comprised of three units, two of which currently provide seven CLMH beds. Upon turnover of the third unit, the Project will provide 10 beds of CLMH housing. This is Conard’s third CLMH project.


      Conard Housing Development Corporation, Conard Post LLC

    3. Request for permanent financing for 2168 - 2198 Cayuga Avenue & 3073 Alemany Boulevard

      Unity Care Group requests up to $3,525,000 in Small Sites Program funding from the Mayor’s Office of Housing and Community Development for the permanent financing of the property located at 2168-2198 Cayuga Avenue and 3073 Alemany Boulevard, in the Outer Mission neighborhood of San Francisco. The Project is comprised of three residential units, which provide 10 TAY beds, and one commercial unit.


      Unity Care Group

    4. Request for permanent financing and construction financing for Granada hotel

      Episcopal Community Services is requesting up to $69,797,236 in construction financing and an additional $1,328,339 in permanent financing, for a total of $71,125,575, to take out the San Francisco Housing Accelerator Fund's (SFHAF) acquisition/rehabilitation loan on the Granada Hotel, a single room occupancy (SRO) hotel in Lower Nob Hill. The building is one of the first two Homekey acquisitions in the city, and, once rehabilitation is complete, it will provide 212 SRO units for those experiencing homelessness, plus two staff units. The Project has experienced significant scope and cost increases since its acquisition in late 2020, and the SFHAF has requested that the city assume the loan prior to construction completion, which is expected in late 2024 or early 2025. The Project is a collaboration between the nonprofit owner and service provider Episcopal Community Services (ECS) and the San Francisco Department of Homelessness and Supportive Housing.


      Episcopal Community Services

    5. Request to adopt the post-covid portfolio stabilization policy

      Many project sponsors of MOHCD or OCII funded affordable housing projects report ongoing, significant operational deficits due to rising expenses and flat or reduced income from rents. The challenges are acute and require immediate attention so that Sponsors can meet their basic obligations to provide quality, safe, and affordable housing at the properties for which MOHCD/OCII have provided financing. This request is to adopt a temporary 3-year Post-COVID Portfolio Stabilization Policy. This Policy does not call for the infusion of new City funds into Projects. Instead, it allows surplus cash from a Project that generates surplus cash flow or other source of cash (a “Donor Project”) to stabilize another Project(s) that is experiencing an operating deficit (a “Deficit Project”).


      Mayor’s Office of Housing and Community Development

    Date & Time

    Friday, April 19, 2024
    11:15 am to 1:00 pm


    Microsoft Teams
    Call in by phone 415-906-4659
    Phone Conference ID 839 784 931
    Last updated May 31, 2024