Citywide Affordable Housing Loan Committee Meeting

Golden Gate Avenue Phase I - Educator Housing will provide 75 new housing units for San Francisco Unified School District (SFUSD) and San Francisco Community College District (SFCCD) employees and include 7 studios, 33 one-bedrooms, 21 two-bedrooms (including 1 manager’s unit), and 14 three-bedrooms. To be more competitive for its CDLAC application, the Project is divided into two financing structures: a moderate- income portion for the 140% SF AMI units and a LIHTC portion for the remaining units. The 75 units are divided into a 45-unit tax credit component, including one manager’s unit, serving incomes between 40-90% MOHCD AMI (30-60% TCAC AMI) targeting para-educator and classified staff roles and a 30-unit non-tax credit, moderate-income component restricted at 140% SF AMI targeting teacher roles and dual-income households.

On July 24, 2023, the Sponsor MidPen Housing Corporation was awarded up to $20M by MOHCD to advance the development of a new affordable educator housing project at 750 Golden Gate Avenue Phase I through the 2023 Acquisition, Predevelopment and Construction Financing for New Affordable Educator Housing NOFA, dated February 24, 2023. To meet the August 14, 2023, deadline for the State’s Excess Sites Local Government Matching Grants (LGMG) program, MidPen needed a commitment letter for $20M from MOHCD. Loan Committee approved the preliminary gap commitment on August 4, 2023, and MOHCD provided a commitment letter based on the assumptions submitted for the Educator Housing NOFA. The Project was awarded LGMG funds in September 2023. At that time, the project was not underwritten to MOHCD Guidelines due to the accelerated timeline for the State funding deadline. Through this evaluation, the Project is now being underwritten to MOHCD’s Guidelines.

The Project is fully entitled. The Sponsor expects to apply to CDLAC for 4% tax credits in April 2024 with construction projected to start by December 16, 2024, and be completed by December 2026

Mid Pen Housing Corporation

Conard House and the John Stewart Company (JSCo) request $4,000,000 in rehabilitation funding for El Dorado Apartments, as preliminarily awarded through the 2023 Existing Nonprofit Notice of Funding Availability (ENP NOFA), and $2,090,000 in senior debt through the PASS program. El Dorado Apartments is a 115-year-old, 57-unit single room occupancy hotel (SRO) South of Market Street, serving residents with an average income of 15% AMI. The residents are referred through the Homeless and Supportive Housing Continuum of Care program or through the Department of Public Health, which supports the Project with a building-wide operating subsidy. The Sponsor will use ENP NOFA and PASS funds in conjunction with 9% tax credits awarded in December 2023 to perform a gut-rehab, including increasing the number of units from 57 to 62, upgrading 23 of the units from SROs to studios, adding an elevator, bringing the building up to code, and dramatically improving common spaces. These upgrades, made possible through the City's funds, provide an incredible opportunity to improve the habitability and marketability of the building.

Conard House and John Stewart Company

3300 Mission Partners L.P. is seeking $11,663,553 in financing for the development of 3300 Mission Street, a new construction project. The project will accommodate 35 studio units and this commitment will allow the project to apply for 9% Low Income Housing Tax Credits during the February application round for the California Tax Credit Allocation Committee (TCAC). The development team is a joint venture made up of Bernal Heights Housing Corporation (BHHC), Tabernacle Community Development Corporation (TCDC), and Mitchelville Real Estate Group (MREG).

Bernal Heights Housing Corporation, Tabernacle Community Development Corporation & Mitchelville Real Estate Group