Citywide Affordable Housing Loan Committee Meeting

Broadway Sansome Associates, L.P., a California limited partnership, an affiliate of the Sponsor, Chinatown Community Development Center (CCDC), requests up to $17,167,159 in General Funds from the Local Operating Subsidy Program (LOSP) for a period of 16 years to subsidize the continuing operations of Broadway Sansome Family Housing, located at 255 Broadway Street, a 75-unit development, with 37 permanent supportive housing units, serving very low-income families, including formerly homeless households and households relocated by the San Francisco Metropolitan Transportation Agency (SFMTA).

Broadway Sansome Associates, L.P., a California limited partnership, is an affiliate of the Sponsor, Chinatown Community Development Center (CCDC)

Tenderloin Neighborhood Development Corporation is requesting an increase in the Capitalized Operating Subsidy Reserve (COSR) for 180 Jones from the previously approved $1,995,327 to $5,980,012, along with an extension of the COSR term from 20 to 25 years. This increase is needed to cover projected operating shortfalls over the extended period, ensuring the long-term financial viability of the project. The total COSR amount includes the original commitment plus $3,984,685 in construction cost savings realized at project completion—both of which are restricted 180 Jones Funds that must be reinvested in the project. The COSR is critical due to reduced rental income stemming from deeper affordability targets requested by the larger community, resulting in 21 units originally restricted at 85% AMI repriced to serve lower-income households at 40%–60% AMI. At the same time, operating costs such as wages, utilities, and insurance have increased. Without the COSR increase, the project would face sustained financial shortfalls that could jeopardize its capacity to maintain operations and continue serving low-income and formerly homeless residents living at the project.

Tenderloin Neighborhood Development