Citywide Affordable Housing Loan Committee Meeting

MidPen Housing requests up to $22,747,350 in MOHCD and IIG gap financing for Golden Gate Avenue Phase I - Educator Housing which will provide 75 new housing units with a preference for San Francisco Unified School District and San Francisco Community College District employees. The Project contains 7 studios, 33 one-bedrooms, 21 two-bedrooms (including 1 manager's unit), and 14 three-bedrooms. The 75 units are divided into a 55-unit tax credit-financed component, including one manager's unit, serving incomes between 40-90% MOHCD AMI (30-60% TCAC AMI) targeting non-teacher SFUSD/SFCCD staff households and a 20-unit non-tax credit, moderate-income component restricted at 120% SF AMI targeting teacher households. The Project is fully entitled and was awarded tax credits in August 2024. Due to specific conditions surrounding this tax credit award, the Project must close on construction financing by December 16, 2026. Construction is projected to start by December 2024 and be completed by December 2026.