Citywide Affordable Housing Loan Committee Meeting

Friday, April 5, 2024

In this page:


    1. Request for approvals over rehab financing, loan recasting, and interest forgiveness; for 1652 Eddy Street, 3554 17th Street, and 195 Woolsey Street.

      Bernal Heights Housing Corporation (BHHC), through Hazel Eddy Woolsey LLC, requests $2,570,158 in ENP funds, $3,711,000 in Preservation and Seismic Safety Program funds, $4,114,056 in loan recast, and $1,839,633 in interest forgiveness for the rehabilitation and permanent financing of three existing BHHC properties: 1652 Eddy Street (Positive Match), 3554 17th Street (Hazel Betsey), and 195 Woolsey Street. Positive Match provides seven units of housing for formerly homeless families and is subsidized with project-based vouchers through the San Francisco Housing Authority. Hazel Betsey provides nine units of housing for formerly homeless families and individuals. It is also subsidized by Continuum of Care (CoC) through the Department of Homelessness and Supportive Housing. 195 Woolsey provides 10 units of housing for low-income and disabled adults. Funding will support critical rehabilitation needs, including mandatory seismic work.


      Bernal Heights Housing Corporation, Hazel Eddy Woolsey LLC

    2. Request for permanent loan and LOSP financing for 1633 Valencia Street.

      Mercy Housing California in partnership with the San Francisco Housing Accelerator Fund (SFHAF) requests permanent financing in the amount of up to $41,036,048 (including a $2M AHP bridge loan) as well as funding through the Local Operating Subsidy Program (LOSP) in the amount of $80,785,406 over an 18-year LOSP term to support program operations and to service the $16M SFHAF Innovation loan to create permanent supportive housing at 1633 Valencia.  The proposed development will create 145 newly constructed studio units, plus one staff unit, for a total of 146 units, to be made available as permanent supportive housing for seniors ages 55 and above experiencing homelessness (Project).  The Project is being proposed as further iteration of the Tahanan (833 Bryant) permanent supportive housing project, utilizing the same floorplate and efficient design (though not using modular construction) as well as other cost-saving and time-saving measures and similarly deferring City investment until the operations phase and conversion to permanent financing.  This innovative approach diversifies the housing production models to bring on line 145 PSH units more quickly and cost effectively without an initial City capital investment. 


      Mercy Housing California

    3. Request for acquisition and rehab financing for 375 14th Street

      The San Francisco Housing Development Corporation (SFHDC) request up to $7,700,000 in financing to take out an acquisition/rehabilitation loan from the San Francisco Housing Accelerator Fund (SFHAF) for a 16-unit residential building located at 375 14th street. It would use the City's funds to complete the rehabilitation and provide permanent financing for a building which consists of two stories of residential over a partially submerged garage, with 12 studios and 4 one-bedroom units.  The request includes up to $2,000,000 in senior debt in the form of PASS funds (2016 GO Bonds series 2020C) and up to $5,700,000 in SSP residual receipts debt. The project was acquired in January 2022 and rehabilitation on 9 of the 16 units has been completed. The SFHAF loan expired in January of 2024 and the Project is requesting City financing to pay off the expired HAF loan and provide the funds necessary to complete rehabilitation on the other 7 units. 


      San Francisco Housing Development Corporation

    4. Request for modifications to existing financing for St. Claire residence and Clayton hotel

      Chinatown Community Development Center (CCDC) is seeking modifications to the City's existing loans for two multifamily, rental housing developments: the St. Claire Residence and the Clayton Hotel. These modifications involve consolidating multiple loans, including accrued interest, into single, residual receipts loans with an adjusted interest rate from 6% to 3% simple. Additionally, the proposed changes involve extending the loan terms by 55 year to 2079, making existing deferred loans subject to repayment from cash flow and assigning all loans to new, affiliated ownership entities. These adjustments are being made to facilitate CCDC's upcoming rehabilitation of these properties through new loans from the State of California.


      Chinatown Community Development Center, St. Claire Residence, LLC, Clayton Hotel, LLC

    Date & Time

    Friday, April 5, 2024
    11:15 am to 1:00 pm


    Microsoft Teams

    Call-in by phone: 415-906-4659
    Phone conference ID 893 812 818
    Last updated April 21, 2024