Citywide Affordable Housing Loan Committee Meeting

New Asia Housing, L.P, requests acquisition financing up to $2,131,526 for 758 Pacific Avenue and $936,205 in additional predevelopment financing.  772 Pacific Avenue and 758 Pacific Avenue parcels will be combined to become a 175-unit new construction affordable housing development for seniors of which 40 units are for formerly homeless seniors supported by the City’s Local Operating Subsidy Program, 70 units are for extremely low income seniors supported by the City’s Senior Operating Subsidy Program, 5 units are for low-income seniors referred from the PLUS Housing list, and 58 units are for seniors at or below 60% City area median income.

Chinatown Community Development Center

On behalf of Octavia RSU Associates, LP, Tenderloin Neighborhood Development Corporation (TNDC) requests additional MOHCD gap financing in the amount of up to $8,559,766 to support the restart of 78 Haight which has been on hold since May 2022 due to unforeseen conditions of the adjacent Mount Trinity Baptist Church (MTBC) which is at risk of collapse if construction proceeds as originally planned.  The development will provide 63 units of affordable housing on a very small infill site, including 32 units for Transition Age Youth (TAY) who are homeless or at risk of homelessness (Project).  This request includes an increase in hard costs to cover MTBC‘s building structural repairs, escalation in Project cost, increases in construction loan interest, increase in associated soft costs and an increase in the capitalized operating subsidy reserve (COSR) due to increased operating cost projections.  TNDC is contributing their at-risk developer fee as GP equity to reduce the gap financing need and will endeavor to raise additional capital and operating funds to reduce MOHCD’s additional gap as well as to reclaim a portion of at-risk developer fee at the end of the Project. 

Octavia RSU Associates, LP, Tenderloin Neighborhood Development Corporation

Mission Economic Development Agency (MEDA requests up to $5,630,000 in permanent funding for300 Ocean, with up to $1,910,000 in PASS financing (2016 GO Bond Series 2020C) and up to $3,720,000 in SSP residual receipts debt. Located in the Balboa Park neighborhood of District 11, 300 Ocean is a three-story building comprising 8 1-bedroom units. The project was acquired in 2020 and completed its rehabilitation through the San Francisco Housing Accelerator fund in fall 2023. It is now requesting permanent financing in order to pay off the acquisition and rehabilitation loan. 

Mission Economic Development Agency