Citywide Affordable Housing Loan Committee Meeting

Related Companies of California and Mercy Housing California request final gap financing approval in the amount of up to $31,506,016 for the third Sunnydale HOPE SF affordable housing development known as Sunnydale HOPE SF Block 3B (“Project”), a proposed 90-unit affordable housing development within the Sunnydale Phase 1A3 Infrastructure footprint. The Project is located on the southwest corner of Sunnydale Avenue and Hahn Street in San Francisco’s Visitacion Valley neighborhood. It will include 90 units, 75% (67 units) of which will be set aside for current Sunnydale public housing residents through Project Based Vouchers (“PBVs”) from the San Francisco Housing Authority (“SFHA”). The total unit mix will be 4 studios, 24 one-bedrooms, 36 two-bedrooms, and 26 three-bedrooms. The public housing replacement units will be restricted to 40% and 50% MOHCD AMI and the remaining 22 lottery units will be restricted to 75-80% MOHCD AMI (60% TCAC AMI).

There will be roughly 4,155 square feet of community serving retail space along Sunnydale Avenue. This will provide local business opportunities through seven micro-retail spaces (approximately 400 sf each) and medium-sized enterprises (approximately 1,000 sf). There will also be a 26,500 sf underground parking garage shared with Sunnydale Block 3A that will accommodate a .75 parking ratio.

Related Companies of California and Mercy Housing California

Related Companies of California and Mercy Housing California request additional predevelopment financing approval in the amount of $4,727,660 for Sunnydale Block 3A’s share of the ground parking garage that will be built on Sunnydale HOPE SF Block 3B. Although the ground floor parking garage will be located in Block 3B, it will serve residents of both Block 3A and Block 3B. The 26,500 square foot garage will hold approximately 60 spaces for Block 3A and 68 spaces for Block 3B, for a parking ratio of .75 across both buildings.

The total costs for the parking garage will be split equally between Block 3A and Block 3B, roughly $4.7 million each for a total of $9.4 million. Since Block 3B will close construction in March 2023 before Block 3A closes construction in April 2023, and all of the garage funds are needed to start construction when Block 3B closes, the Sponsor and MOHCD propose to increase the Block 3A predevelopment amount shown here by the Block 3A portion of the garage costs. This will allow these funds to be used when Block 3B closes so construction on the garage can begin. The final gap request for Block 3B is being submitted for Loan Committee approval at the same time as this request. The Sponsor plans to bring the final gap request for Block 3A to Loan Committee for approval in February 2023.

Related Companies of California and Mercy Housing California

Conard House, Inc. requests up to $3,072,441 in Cooperative Living for Mental Health funding from the Mayor’s Office of Housing and Community Development for the permanent financing of the property located at 1140-1142 Florida Street in the Mission neighborhood of San Francisco. Conard House, Inc. additionally requests up to $6,016,341 in CLMH funding from MOHCD for the permanent financing of the property located at 139-145 Dore Street in the South of Market neighborhood of San Francisco. 1140-1142 Florida Street and 139-145 Dore Street are two of three shared housing projects that Conard House will convert to permanent financing under CLMH.

Conard House, Inc.

Tenderloin Neighborhood Development Corporation (TNDC) through 4200 Geary Associates, L.P. requests $22,867,715, in gap financing and a $2,155,000 Perm Debt Bridge Loan for 4200 Geary Boulevard, a 98-unit new construction housing project for seniors and formerly homeless seniors. The project will include 20 units subsidized through the City's Local Operating Subsidy Program ("LOSP"); 12 units subsidized by the HUD-Veterans Administration VASH program; and 30 units subsidized by the City’s Senior Operating Subsidy Program (“SOS”).

Tenderloin Neighborhood Development Corporation, through 4200 Geary Associates L.P