Citywide Affordable Housing Loan Committee Meeting

Balboa Reservoir Phase 1 Infrastructure is the infrastructure development phase within the Balboa Reservoir Master Plan to be developed by BRIDGE Housing. This infrastructure Project is needed to secure over $200 million in state financing (including IIG, AHSC, and tax credit equity) for Balboa Reservoir affordable projects, without which the entire project would be paused indefinitely and state funding awards forfeited. To complete the project and address the remaining infrastructure funding gap, the Sponsor is requesting up to $35,000,000 in an infrastructure loan with a term of up to 20 years (10 years plus two five-year extensions) at 5% interest. This is proposed as a non-recourse loan that will be secured by the townhome parcels. The Project transforms an existing parking lot by upgrading the public rights-of-way and is required to enable construction of vertical Buildings E and Building A, two 100% affordable housing developments (Building E with 128 units and Building A with 159 units) that once completed will be the first affordable homes part of the Balboa Reservoir neighborhood. Notice to Proceed for Phase 1 is scheduled for May 2025 and Notice of Completion is scheduled for October 2025.