Citywide Affordable Housing Loan Committee Meeting

Located at 421 Leavenworth Street in the Tenderloin, the Sierra Madre Apartments (the “Project”) is a 47 residential unit building that experienced a fire, in 2021, that made it uninhabitable. Tenderloin Neighborhood Development Corporation (TNDC) requests the following modifications to an existing MOHCD loan for the Project:

• Recast effectuating a 55-year extension from the date of the recordation of the Deed of Trust as well as a change in interest rate to the Applicable Federal Rate (AFR)
• Assignment of the loan to the limited partnership
• Modification of the Project’s affordability restrictions

The Sponsor is requesting these changes to support the rehabilitation of the Project, which will be financed by 9% tax credits from the City’s geographic pool, state tax credits, federal historic credits, insurance proceeds, and existing reserves. All financing commitments have been obtained and construction loan closing is scheduled for March 2025, pending approval of this request.

Tenderloin Neighborhood Development Corporation

Mercy Housing requests $550,000 in Elevator Modernization Project funds for The Rose Hotel provided through the 2023 Elevator Modernization Project Notice of Funding Availability (EMP NOFA). The project was approved and awarded ENP NOFA funds on March 1, 2024, for rehabilitative work including elevator modernization. In 2024 The Department of Homelessness and Supportive Housing released a Notice for Funding Availability for Elevator Modernization Project. This was undersubscribed, consequently MOHCD and HSH agreed to provide a portion of the remaining funds to eligible permanent supportive housing projects requiring elevator repair in MOHCD’s portfolio.

Mercy Housing California X, L.P.

Sunnydale Commercial LLC, Mercy Housing California and Related Companies of California request approval for additional MOHCD funding of up to $500,000 to support tenant improvements for a food hall and a grocer, the two community-serving retail spaces at Sunnydale HOPE SF Block 3A.

Mercy Housing California and Related Companies of California

Sunnydale Block 9 Housing Partners, L.P., comprised of Related Companies of California and Mercy Housing California, requests final gap financing for up to $30,200,000 for the fifth Sunnydale HOPE SF affordable housing development known as Sunnydale HOPE SF Block 9. Block 9 will include 95 units of affordable housing with 10 one-bedrooms, 51 two-bedrooms, 23 three-bedrooms, 11 four-bedrooms, with one of three-bedrooms as a manager’s unit. Of the units, 75% (71) will be set aside for existing Sunnydale public housing households subsidized by a 20-year Section 8 Project Based Voucher contract.

Mercy Housing California and Related Companies of California

The John Stewart Company (JSCo) and Bayview Hunters Point Multipurpose Senior Services (“BHPMSS”) is requesting a preliminary gap loan commitment in the total amount of up to $44,318,000 for the development of 95 new affordable senior housing units located at 967 Mission Street. This request for a preliminary gap financing commitment will allow JSCo and BHPMSS to apply to California Debt Limit Allocation Committee (CDLAC”) and the California Tax Credit Allocation Committee (TCAC) for a tax-exempt bond allocation with 4% Tax Credits under an application round due on January 28, 2025, before returning for final gap loan approval in mid-Summer of 2025.

John Stewart Company and Bayview Hunters Point Multipurpose Senior Services