Citywide Affordable Housing Loan Committee meeting October 28, 2022

Memo to File for 2828 16th Street (AKA 1990 Folsom) to request a change in loan repayment terms for the Project’s MOHCD bridge AHP loan. Per the Amended and Restated Loan Agreement in the amount of $46,033,659 dated February 8, 2019, the MOHCD loan bridged an AHP award of up to $1.5 million, with the condition that the bridge loan be repaid during construction upon award from AHP, or any part thereof. Due to increased Project costs, the Sponsor is requesting a change to the repayment terms, from the full $1.42M awarded to between $800,000 and $320,000, with the remainder repaid through residual receipts under the 55 year loan term consistent with the remainder of the MOHCD permanent loan. The final

amount of the AHP bridge loan repayment will be calculated once the conversion date is set.

Tenderloin Neighborhood Development Corporation (TNDC) and Mission Economic

Development Agency (MEDA)

The Multifamily Securities Program, which governs MOHCD's policies around bond issuance, was originally approved by the San Francisco Citywide Affordable Housing Loan Committee in 2018 and has not been revised since. MOHCD Staff is recommending the Committee approve the proposed revisions to the Manual which seek to make program updates to improve and streamline the bond issuance processes.