Citywide Affordable Housing Loan Committee Meeting

Transbay 2 Senior, L.P., a California limited partnership, an affiliate of the Sponsor, Chinatown Community Development Center (“CCDC”) requests up to $11,826,292 in General Funds from the Local Operating Subsidy Program (“LOSP”) to subsidize the operation of 30 permanent supportive housing units for seniors experiencing homelessness or at risk of homelessness, out of a total of 151 units that serve extremely low- and low-income senior households, for a period of 15 years. Located at 200 Folsom Street in the Transbay neighborhood, the Project is a nine-story Type I concrete building with ground-floor community-serving commercial spaces, community rooms, services spaces, and a 24-hour desk clerk.

Transbay 2 Senior,L.P., a California limited partnership, an affiliate of the Sponsor, Chinatown Commmunity Development Center

On behalf of MP Turk Street Associates, L.P., the Sponsor, MidPen Housing Corporation ("MidPen"), requests a $5,000,000 final gap loan and an additional $2,817,000 in Infill Infrastructure Grant (IIG) funding for new construction of a 92-unit multifamily affordable housing project at 850 Turk Street. The proposed 8-story building will contain 28 studios, 16, one-bedrooms, 21 two-bedrooms (including 1 manager’s unit), and 27 three-bedrooms. The units will be rent restricted at 40% - 80% MOHCD AMI.

MidPen was selected in May 2021 by the State of California to develop State-owned sites at 850 Turk Street and 750 Golden Gate Avenue. On July 22, 2024, MidPen received a preliminary funding award from MOHCD for 850 Turk Street under the $5 million Notice of Funding Availability (NOFA) to develop affordable rental housing for families on state-owned land. MidPen received a preliminary gap commitment August 16, 2024.

850 Turk Street will be constructed on land that was used for State Employment Development Department (“EDD”) employee parking. The State is requiring this parking to be replaced. The Project will include a parking garage at grade providing 30 spaces for EDD employees but will contain no residential parking. The Sponsor will create two separate air parcels to differentiate the parking garage from the rest of the Project. These parcels have been approved by the City's Bureau of Street Mapping Inspection and Enforcement Division in September 2024.

850 Turk Street received tax credits in December 2024. The Sponsor expects to start construction in April 2025, complete construction in February 2027, and complete lease up August 2027.

Mid Pen Housing

Sunnydale Block 7 Housing Partners, L.P., comprised of Mercy Housing California and Related Companies of California, requests final gap financing of up to $18,050,000 for the sixth Sunnydale HOPE SF affordable housing development known as Sunnydale HOPE SF Block 7. Sunnydale Block 7 will be a total of 5 stories, 4-story wood over 1-story concrete podium, and will include 89 units of affordable housing with 75% (67) set aside for existing Sunnydale public housing households subsidized by a 20-year Section 8 Project Based Voucher contract. Of the PBV households, 44 will be restricted to 50% MOHCD AMI and 23 restricted to 30% TCAC AMI. The remaining 21 units will be marketed through DAHLIA to the most restrictive at a maximum of 50% TCAC. The Project includes 1:1 bike storage ratio and a 0.67 parking ratio with parking for 60 vehicles. Vertical construction is expected to start May 2025 and last 20 months with full lease up in 2027.

Mercy Housing California and Related Companies of California