- Request to approve $20 million preliminary gap commitment letter for 750 Golden Gate Avenue.
This request is only for a $20M preliminary gap commitment letter awarded through MOHCD’s 2023 Acquisition, Predevelopment and Construction Financing for New Affordable Educator Housing NOFA, dated February 24, 2023. Mid Pen will return to MOHCD and Loan Committee with a more complete loan evaluation for predevelopment later in 2023 or early 2024. On July 24, 2023, Mid Pen Housing Corporation was awarded $20M by MOHCD to advance the development of a new affordable educator housing project at 750 Golden Gate Avenue, through the Educator Housing NOFA. To meet the deadline of August 14, 2023, for the State’s Excess Sites Local Government Matching Grants (LGMG) program, MidPen will need a commitment letter for $20M from MOHCD.
Golden Gate Avenue Phase I - Educator Housing (the “Project”) will provide 75 new housing units for San Francisco Unified School District (SFUSD) and San Francisco Community College District (SFCCD) employees. The entire Golden Gate Avenue project will provide 171 units over two phases, Golden Gate Avenue Phase I – Educator Housing and Golden Gate Avenue Phase II. This evaluation concerns only Phase I with 75 units including 28 studios, 7 one-bedrooms, 19 two-bedrooms, and 21 three-bedrooms. In the tax-exempt bond scenario for the Project, the 75 homes are divided into a 45-unit tax credit component, including one manager’s unit, serving incomes between 36-107% MOHCD AMI (30-80% TCAC AMI) targeting para-educator and classified staff roles and a 30-unit non-tax credit, moderate-income component restricted at 140% SF AMI targeting teacher roles and dual-income households.
Mid Pen Housing Corporation
- Request to approve additional financing for permanent financing 2975 23rd Street.
San Francisco Community Land Trust requests $1,480,000 in additional Small Sites Program funding and $650,000 in Preservation and Seismic Safety Program funding from the Mayor’s Office of Housing and Community Development for the permanent refinancing of the property located at 2976 23rd Street, also known as Merry-Go-Round House (MGR). The Project is one of the earliest Small Sites properties, and it is one of five SFCLT Small Sites projects that are being refinanced and re-underwritten to take out high cost first position financing and to support the long-term sustainability of the Project.
San Francisco Community Land Trust
- Request for approval of permanent gap loan, permanent commercial loan, and site preparation funding for Transbay Block 2 East.
Mercy Housing California (“Mercy”) requests funding from OCII in a total amount of up to $72,972,179 for Transbay Block 2 East, a 100% affordable rental housing project located on the eastern half of Block 2 of the Transbay Redevelopment Project Area. The project includes 184 units ranging in size from studios to four-bedrooms serving households with incomes ranging from 40% to 80% of the area median income, two manager’s units, a childcare facility, and two ground floor retail spaces. 40 units will serve families experiencing homelessness with subsidy from the Local Operating Subsidy Program. The funding is requested in three tranches: $61,961,845 in a permanent residential loan (including previously committed and additional requested predevelopment funds), $8,676,682 in a permanent commercial loan, and $2,333,653 in cost reimbursement for site preparation for the entirety of Block 2 (to facilitate both the 2 East and 2 West projects). This approval is sought now for a September 6 CDLAC/TCAC application and a late September start on site preparation work. This request is subject to approval from the OCII Commission.
Mercy Housing California
- Request to approve permanent financing for 1130 Filbert Street.
San Francisco Community Land Trust requests $2,325,000 in Small Sites Program funding and $1,425,000 in Preservation and Seismic Safety Program Funding from the Mayor’s Office of Housing and Community Development for the permanent financing of 1130 Filbert Street. The Project recently completed its acquisition and rehabilitation through the San Francisco Housing Accelerator Fund, completing voluntary seismic upgrades and interior and exterior improvements.
San Francisco Community Land Trust