Citywide Affordable Housing Loan Committee Meeting

Mission Housing Development Corporation (MHDC) requests up to $700,000 in PASS financing to take out the expiring senior mortgage and fund the modernization of the elevator at Maria Alicia Apartments. The Project has 20 residential units ranging from 1-4 bedrooms, in addition to 2 ground-floor commercial spaces housing nonprofits. Initially developed as a tax credit project in 1989 with the support of soft debt loans that only restricted 55% of the units, providing the PASS financing would permanently restrict the 8 units at the building that lost their restrictions at the end of the tax-credit compliance period in 2004. MOHCD would also re-cast the existing soft debt loans for another 55 years, and all units will then be restricted to residents earning less than 50% MOHCD AMI.   

Mission Housing Development Corporation

On behalf of 528 Natoma LP, the San Francisco Housing Development Corporation (SFHDC) and Novin Development Corporation (Novin/NDC) request up to $3,300,000 in permanent financing for 528 Natoma, a 4-unit residential building south of Market Street. The request comprises up to $300,000 in senior debt in the form of PASS funds (2016 GO Bonds series 2020C) and up to $3,000,000 in SSP residual receipts debt. The project was acquired in late 2021 and completed its rehabilitation using San Francisco Housing Accelerator Funds in November 2023. It is now requesting permanent financing from the City that will pay off the acquisition and rehabilitation loan.

San Francisco Housing Development Corporation and Novin Development Corporation

88 Broadway and 735 Davis are two affordable housing projects located within one City block on two separate parcels, owned by the Port and MOHCD, respectively and each in operation. The John Stewart Company and BRIDGE Housing (together, the Sponsor) are requesting to use some of the remaining unspent funds from each of the residential loans, plus some additional funds, to build out the commercial parcels within each building’s footprint. This investment will increase the marketability of the parcels and allow the Sponsor to identify commercial tenants. The new commercial funds will be added to the Sponsor’s existing commercial loans for each property.

Bridge Housing Corporation & The John Stewart Company