MEETING
Citywide Affordable Housing Loan Committee Meeting
Meeting details
Date and time
How to participate
Online
Agenda
Request for Potrero Hope SF phase III predevelopment funding request
On behalf of BRIDGE-Potrero Community Associates LLC, the Sponsor, BRIDGE Housing Corporation ("BRIDGE"), requests $1,021,147 to support pre-demolition costs at the 23 buildings at HOPE SF Potrero Annex (Project). Because of significant life safety concerns that the current buildings present, BRIDGE, is planning to demolish the buildings once current residents are able to move to the newly completed Block B building, which is anticipating TCO in June 2025, but before larger Phase III infrastructure planning can occur.
BRIDGE has contracted with Pilot Construction Management, Inc., a San Francisco based construction management company, to manage the demolition planning and execution, identify a construction team which will include a General Contractor and subcontractors, and oversee the necessary mitigation, abatement, and demolition measures. Target start of demolition is estimated for August 2025. BRIDGE issued an RFP for the demolition General Contractor (GC), has received bids 3/25/2025, and anticipates selecting a GC by April 25, 2025. Once the GC is selected, the Project team will be able to establish a demolition budget and return to Loan Committee in May with a complete funding request for demolition of 23 buildings in the Potrero Annex.
BRIDGE is requesting funding for costs incurred until the start of demolition in August 2025. These costs include environmental testing, rehabilitation of units in the Potrero Terrace so that service providers can vacate their current units in the Potrero Annex, and construction and project management to strategize demolition given the complexities of the site.
This funding request includes $242,646 to extend current Potrero community development services for a 6-month period through December 2025 to support resident relocation and community stewardship surrounding construction. This funding and the community development services contracts will continue to be managed by MOHCD's Community Development team.
BRIDGE Housing Corporation
Request for final gap financing for 160 Freelon
160 Freelon Housing Partners, L.P., a California limited partnership (the “LP”) requests $22,577,900 in final gap financing from MOHCD for 160 Freelon, located at 160 Freelon Street. The project is an 85-unit new construction housing project for families, which will include 22 units for families exiting homelessness, subsidized through the City's Local Operating Subsidy Program, and 5 units set aside for HIV-positive households through the PLUS housing program (the “Project”).
The Related Companies of California, LLC, a California limited liability company (“Related”), and San Francisco Housing Development Corporation, a California nonprofit public benefit corporation (“SFHDC”), are the co-sponsors of the Project. The LP is the single asset entity which will ground lease the land from MOHCD and develop and own the Project. The LP is controlled by affiliates of Related and SFHDC.
Related Companies of California, LLC and San Francisco Housing Development Corporation
Request for preliminary gap financing for 1234 Great Highway – affordable senior housing
1234 Great Highway Associates, L.P., a California limited partnership (the “LP”) requests $11,725,715 in preliminary gap financing from MOHCD for 1234 Great Highway, a 199-unit new construction housing project for low-income seniors located at 1234 Great Highway, which will include 99 units for seniors exiting homelessness (the “Project”). The Project will be subsidized through HUD’s Restore-Rebuild program (formerly Faircloth to RAD). This request for preliminary gap commitment will allow the LP to apply for Multifamily Housing Program funding through the Department of Housing and Community Development’s Super NOFA before returning for supplemental preliminary gap approvals for CDLAC/TCAC in 2026 Round 1.
Tenderloin Neighborhood Development Corporation, a California nonprofit public benefit corporation (“TNDC”), and Self-Help for the Elderly, a California nonprofit public benefit corporation (“SHE”), are the co-sponsors of the Project. The LP is the single asset entity which will ground lease the land from MOHCD and develop and own the Project. The LP is controlled by affiliates of TNDC and SHE.
Tenderloin Neighborhood Development Corporation and Self Help for the Elderly
Request for updated preliminary gap financing for 772+758 Pacific affordable senior housing
Chinatown Community Development Center (CCDC) is requesting a $47.3M preliminary gap commitment in the total amount up to $47,300,646 for the development of 175 new affordable senior housing units located at 772+758 Pacific Avenue. This request for an updated preliminary gap financing commitment letter will allow CCDC to apply for State Multifamily SuperNOFA Multifamily Housing Program (“SuperNOFA - MHP”) under a Notice of Funding Opportunity FY 2025 application, before returning for supplemental preliminary gap approvals for CDLAC/TCAC in early Fall 2026.
Chinatown Community Development Center
Request for acquisition and predevelopment financing for 650 Divisadero
650 Divisadero is a 10 story, 107-unit new construction project on Divisadero St and Grove St. Units will range from studios to 3 Bds. The project is using Faircloth to RAD PBV vouchers and will house low income family households. The Jonathan Rose Companies and Young Community Developers (YCD) is requesting $6,250,000 in support of their MHP application, in addition to the $15,000,000 awarded for Acquisition and initial Predevelopment.
The Jonathan Rose Companies and Young Community Developers
Request for final gap financing for Balboa Reservoir building E
Balboa Reservoir Building E is the first housing development planned as part of the Balboa Reservoir Master Plan Development developed by the Sponsor BRIDGE Housing. The Project will be a 7-story 100% affordable development with 128 family units including 56 one-bedrooms, 39 two-bedrooms, 32 three-bedrooms and one two-bedroom manager’s unit. Thirty-one units will be restricted at 40% MOHCD AMI (30% TCAC AMI), 36 at 65% MOHCD AMI (50% TCAC AMI) and 60 at 80% MOHCD AMI (60% TCAC AMI). The Project was awarded a revised amount of $20M in IIG funds for infrastructure-related costs on November 6, 2024, and $29,585,486 in AHSC funds on February 4, 2022. On August 16, 2024, Loan Committee approved a preliminary gap loan of $37,531,286 to support a Round 2 CDLAC application and the Project was awarded tax credits on December 11, 2024. The Project anticipates closing construction financing by June 30, 2025, starting vertical construction in October 2025, achieving TCO in October 2027, and full lease up in April 2028.
BRIDGE Housing Corporation
Partner agencies
Meeting details
Date and time
How to participate
Online
Agenda
Request for Potrero Hope SF phase III predevelopment funding request
On behalf of BRIDGE-Potrero Community Associates LLC, the Sponsor, BRIDGE Housing Corporation ("BRIDGE"), requests $1,021,147 to support pre-demolition costs at the 23 buildings at HOPE SF Potrero Annex (Project). Because of significant life safety concerns that the current buildings present, BRIDGE, is planning to demolish the buildings once current residents are able to move to the newly completed Block B building, which is anticipating TCO in June 2025, but before larger Phase III infrastructure planning can occur.
BRIDGE has contracted with Pilot Construction Management, Inc., a San Francisco based construction management company, to manage the demolition planning and execution, identify a construction team which will include a General Contractor and subcontractors, and oversee the necessary mitigation, abatement, and demolition measures. Target start of demolition is estimated for August 2025. BRIDGE issued an RFP for the demolition General Contractor (GC), has received bids 3/25/2025, and anticipates selecting a GC by April 25, 2025. Once the GC is selected, the Project team will be able to establish a demolition budget and return to Loan Committee in May with a complete funding request for demolition of 23 buildings in the Potrero Annex.
BRIDGE is requesting funding for costs incurred until the start of demolition in August 2025. These costs include environmental testing, rehabilitation of units in the Potrero Terrace so that service providers can vacate their current units in the Potrero Annex, and construction and project management to strategize demolition given the complexities of the site.
This funding request includes $242,646 to extend current Potrero community development services for a 6-month period through December 2025 to support resident relocation and community stewardship surrounding construction. This funding and the community development services contracts will continue to be managed by MOHCD's Community Development team.
BRIDGE Housing Corporation
Request for final gap financing for 160 Freelon
160 Freelon Housing Partners, L.P., a California limited partnership (the “LP”) requests $22,577,900 in final gap financing from MOHCD for 160 Freelon, located at 160 Freelon Street. The project is an 85-unit new construction housing project for families, which will include 22 units for families exiting homelessness, subsidized through the City's Local Operating Subsidy Program, and 5 units set aside for HIV-positive households through the PLUS housing program (the “Project”).
The Related Companies of California, LLC, a California limited liability company (“Related”), and San Francisco Housing Development Corporation, a California nonprofit public benefit corporation (“SFHDC”), are the co-sponsors of the Project. The LP is the single asset entity which will ground lease the land from MOHCD and develop and own the Project. The LP is controlled by affiliates of Related and SFHDC.
Related Companies of California, LLC and San Francisco Housing Development Corporation
Request for preliminary gap financing for 1234 Great Highway – affordable senior housing
1234 Great Highway Associates, L.P., a California limited partnership (the “LP”) requests $11,725,715 in preliminary gap financing from MOHCD for 1234 Great Highway, a 199-unit new construction housing project for low-income seniors located at 1234 Great Highway, which will include 99 units for seniors exiting homelessness (the “Project”). The Project will be subsidized through HUD’s Restore-Rebuild program (formerly Faircloth to RAD). This request for preliminary gap commitment will allow the LP to apply for Multifamily Housing Program funding through the Department of Housing and Community Development’s Super NOFA before returning for supplemental preliminary gap approvals for CDLAC/TCAC in 2026 Round 1.
Tenderloin Neighborhood Development Corporation, a California nonprofit public benefit corporation (“TNDC”), and Self-Help for the Elderly, a California nonprofit public benefit corporation (“SHE”), are the co-sponsors of the Project. The LP is the single asset entity which will ground lease the land from MOHCD and develop and own the Project. The LP is controlled by affiliates of TNDC and SHE.
Tenderloin Neighborhood Development Corporation and Self Help for the Elderly
Request for updated preliminary gap financing for 772+758 Pacific affordable senior housing
Chinatown Community Development Center (CCDC) is requesting a $47.3M preliminary gap commitment in the total amount up to $47,300,646 for the development of 175 new affordable senior housing units located at 772+758 Pacific Avenue. This request for an updated preliminary gap financing commitment letter will allow CCDC to apply for State Multifamily SuperNOFA Multifamily Housing Program (“SuperNOFA - MHP”) under a Notice of Funding Opportunity FY 2025 application, before returning for supplemental preliminary gap approvals for CDLAC/TCAC in early Fall 2026.
Chinatown Community Development Center
Request for acquisition and predevelopment financing for 650 Divisadero
650 Divisadero is a 10 story, 107-unit new construction project on Divisadero St and Grove St. Units will range from studios to 3 Bds. The project is using Faircloth to RAD PBV vouchers and will house low income family households. The Jonathan Rose Companies and Young Community Developers (YCD) is requesting $6,250,000 in support of their MHP application, in addition to the $15,000,000 awarded for Acquisition and initial Predevelopment.
The Jonathan Rose Companies and Young Community Developers
Request for final gap financing for Balboa Reservoir building E
Balboa Reservoir Building E is the first housing development planned as part of the Balboa Reservoir Master Plan Development developed by the Sponsor BRIDGE Housing. The Project will be a 7-story 100% affordable development with 128 family units including 56 one-bedrooms, 39 two-bedrooms, 32 three-bedrooms and one two-bedroom manager’s unit. Thirty-one units will be restricted at 40% MOHCD AMI (30% TCAC AMI), 36 at 65% MOHCD AMI (50% TCAC AMI) and 60 at 80% MOHCD AMI (60% TCAC AMI). The Project was awarded a revised amount of $20M in IIG funds for infrastructure-related costs on November 6, 2024, and $29,585,486 in AHSC funds on February 4, 2022. On August 16, 2024, Loan Committee approved a preliminary gap loan of $37,531,286 to support a Round 2 CDLAC application and the Project was awarded tax credits on December 11, 2024. The Project anticipates closing construction financing by June 30, 2025, starting vertical construction in October 2025, achieving TCO in October 2027, and full lease up in April 2028.
BRIDGE Housing Corporation