Citywide Affordable Housing Loan Committee Meeting

Mercy Housing California (“Mercy”) requests a predevelopment loan in the amount of $3 million for Treasure Island Parcel E3.1-Senior Housing (“TI-E1.2-1”), a proposed new construction affordable housing development for seniors and frail elderly containing 100 units of which up to 10 units are transition replacement units for Treasure Island Legacy Households. Mercy also requests a preliminary gap commitment in the amount of $14,722,000 for a HUD 202 Application due on January 25, 2023.

Mercy Housing California

This preliminary gap loan request is for a proposed 9 story, 85-unit new construction affordable housing development located at 160 Freelon Street, on a to-be-City-owned parcel, at 4th Street between Bryant Street and Brannan Street. The Project will be family-designated and will include 22 units for formerly homeless families, and 5 units for low-income people living with HIV.

The Sponsor requests a commitment of up to $22,577,951 in preliminary gap funds to apply to HCD for AHSC applications due March 30th. The approval includes $2.5M in IIG funds that the Sponsor will apply for in the summer.  Should 160 Freelon receive both AHSC and the IIG award mentioned above, the MOHCD gap will decrease from $22,577,951 to $20,077,951. The total AHSC request will be for approximately $34,100,000 including approximately $9,000,000 for transit and pedestrian improvements to SFMTA and San Francisco Recreation and Parks Department, as well as $600,000 in program costs for the housing component.

Related Companies of California & San Francisco Housing Development Corporation, through 160 Freelon Housing Partners, L.P.

BRIDGE is requesting $3 million in predevelopment funding from MOHCD as well as a gap financing commitment of $14 million (inclusive of predevelopment) for Building A for an AHSC funding application. With this funding commitment, the sponsor will apply to the State Department of Housing and Community Development (HCD)’s Affordable Housing Sustainable Communities (AHSC) program in the 2023 NOFA for approximately $33 million. Predevelopment funding will allow Bridge to conduct early design work and complete mapping/entitlement work for 2023.

Bridge Housing Corporation