Citywide Affordable Housing Loan Committee Meeting

Friday, February 16, 2024

In this page:

    Agenda

    1. Request for permanent financing and loan recast for Maria Alicia apartments 3090 16th street

      Mission Housing Development Corporation (MHDC) requests up to $700,000 in PASS financing to take out the expiring senior mortgage and fund the modernization of the elevator at Maria Alicia Apartments. The Project has 20 residential units ranging from 1-4 bedrooms, in addition to 2 ground-floor commercial spaces housing nonprofits. Initially developed as a tax credit project in 1989 with the support of soft debt loans that only restricted 55% of the units, providing the PASS financing would permanently restrict the 8 units at the building that lost their restrictions at the end of the tax-credit compliance period in 2004. MOHCD would also re-cast the existing soft debt loans for another 55 years, and all units will then be restricted to residents earning less than 50% MOHCD AMI.   

       

      Mission Housing Development Corporation

    2. Request for acquisition and predevelopment financing for Casa Adelante 2205 Mission Street

      The Mission Economic Development Agency (MEDA) is requesting a $5.72M acquisition and $1.02M predevelopment loans in the total amount of $6,746,438 for the development of 63 new affordable homeownership units located at 2205 Mission Street. This request for acquisition and predevelopment financing will allow MEDA to continue predevelopment activities, before returning for gap approval in late Spring 2024.

       

      Mission Economic Development Agency

    3. Request for commercial gap financing for 88 Broadway and 735 Davis

      88 Broadway and 735 Davis are two affordable housing projects located within one City block on two separate parcels, owned by the Port and MOHCD, respectively and each in operation. The John Stewart Company and BRIDGE Housing (together, the Sponsor) are requesting to use some of the remaining unspent funds from each of the residential loans, plus some additional funds, to build out the commercial parcels within each building’s footprint. This investment will increase the marketability of the parcels and allow the Sponsor to identify commercial tenants. The new commercial funds will be added to the Sponsor’s existing commercial loans for each property.

       

      Bridge Housing Corporation & The John Stewart Company

    Date & Time

    Friday, February 16, 2024
    11:15 am to 1:00 pm

    Online

    Microsoft Teams
    Call in by phone 415-906-4659
    Phone Conference ID 839 784 931
    Last updated March 25, 2024