Citywide Affordable Housing Loan Committee Meeting

The Jonathan Rose Companies (“JRC”) and co-developer Bayview Hunters Point Multipurpose Senior Services (“BHPMSS” or, along with JRC, “Developer”) request a commitment for additional permanent gap funding in the amount of up to $2,638,088 for Hunters Point Shipyard (“HPS”) Blocks 52 & 54, a 100% affordable family housing project located at 351 Friedell St. and 151 Friedell St., respectively (“Blocks 52/54” or the “Project”). The Project will include 112 one- to five-bedroom units serving households between 30% and 50% of San Francisco Area Median Income (“AMI”) on two blocks in the Hunters Point Shipyard. The Project does not include any operating or rental subsidies. On August 17, 2021, OCII Commission approved a permanent gap loan of $59,200,732, to the Developer. With this current request, the Developer seeks a commitment for additional permanent gap funding from OCII due to delays and costs from multiple unsuccessful LIHTC and tax-exempt bond applications to the State as well as cost escalation from interest rate and construction cost increases during the delays. This request for additional funding will require OCII Commission approval as well.

Jonathan Rose Companies, Bayview Hunters Point Multipurpose Senior Services, and Rose Community Development Company, LLC

San Francisco Community Land Trust (SFCLT), through SFCLT TNFF LLC., requests $5,000,000 in Preservation and Seismic Safety Loan Program financing and $4,733,902 in Small Site Program financing, for 37 total units across 2840 Folsom St., 308 Turk St., 4042 Fulton St., and 568 Natoma St.

San Francisco Community Land Trust

HV Partners 3, LP, a California limited partnership, formed by the John Stewart Company, Devine & Gong, Inc., and Ridge-Point Non-Profit Housing Corporation, requests a total gap loan in the amount of up to $50,495,000 for Hunters View Phase III(A)1 – Blocks 14 and 17 (the “Project”). The Project is the final affordable housing multifamily rental development planned for Hunters View HOPE SF revitalization. The Project is located within in Hunters View Phase III, the third and final infrastructure phase of Hunters View HOPE SF revitalization. The Project is 118 units and includes an onsite staff unit and contains 53 public housing replacement units. The Project received a bond award dated on November 30, 2022. Pending approval of this final gap request, the project will be fully funded and must complete its financial construction closing by May 29, 2023.

John Stewart Company, Devine & Gong, Inc., and Ridge-Point Non-Profit Housing Corporation