Citywide Affordable Housing Loan Committee Meeting

Sunnydale Block 7 Housing Partners, L.P., comprised of Mercy Housing California and Related Companies of California, requests preliminary gap financing the amount of up to $15,350,000 for the fifth Sunnydale HOPE SF affordable housing development known as Sunnydale HOPE SF Block 7. Block 7 will include 89 units of affordable housing with 14 one-bedrooms, 43 two-bedrooms, 23 three-bedrooms, 9 four-bedrooms and one three-bedroom manager’s unit. Of the units, 75% (67) will be set aside for existing Sunnydale public housing households subsidized by a 20-year Section 8 Project Based Voucher contract and limited to households earning up to 50% MOHCD AMI. The remaining 21 units will be restricted to 70% MOHCD AMI and would be marketed through DAHLIA to the most restrictive at a maximum of 50% TCAC (5 units) and 60% TCAC (16 units). The Project includes 1:1 bike storage ratio and a 0.67 parking ratio with parking for 60 vehicles.

If the Project successfully receives an AHSC award in August 2024, the Sponsor will apply for tax credits and 4% bonds in the second round of 2024 – August 27, 2024. If successful, vertical construction of Block 7 is expected to start July 2025. The construction period is expected to be 20 months with full lease up in 2027. Relocation of all residents previously living within the Block 7 footprint was completed in 2023.

Mercy Housing California and Related Companies of California

On behalf of 528 Natoma LP, the San Francisco Housing Development Corporation (SFHDC) and Novin Development Corporation (Novin/NDC) request up to $3,300,000 in permanent financing for 528 Natoma, a 4-unit residential building south of Market Street. The request comprises up to $300,000 in senior debt in the form of PASS funds (2016 GO Bonds series 2020C) and up to $3,000,000 in SSP residual receipts debt. The project was acquired in late 2021 and completed its rehabilitation using San Francisco Housing Accelerator Funds in November 2023. It is now requesting permanent financing from the City that will pay off the acquisition and rehabilitation loan.

San Francisco Housing Development Corporation and Novin Development Corporation

Chinatown Community Development Center (CCDC) requests up to $20,900,000 of Small Sites Program residual receipts debt for the permanent financing of 1005 Powell Street, a five-story, mixed use building with 64 residential SRO units, of which 35 will receive Senior Operating Subsidy (SOS) for a term of 15.5 years, and two ground floor commercial spaces. The project, located in Chinatown, was acquired in December 2021 and completed its rehabilitation using Housing Accelerator Funds in January 2024. It is now requesting permanent financing from the City that will pay off the acquisition and rehabilitation loan and fund operating reserves.

Chinatown Community Development Center

2550 Irving Associates L.P., requests a permanent gap loan in the amount of $16,956,650 for 2550 Irving, a proposed new construction affordable housing development for families featuring 90 units, of which 22 units are for families exiting homelessness, and 15 units are set aside for the Veterans Affordable Supportive Housing Program.

2550 Irving Associates L.P., a California Limited Partnership, involves Tenderloin Neighborhood Development Corporation, a California nonprofit benefit corporation.