Citywide Affordable Housing Loan Committee meeting October 7, 2022

Mercy Housing California and Related California (Sponsors) are requesting $5,975,000 in additional City funds for the abatement and demolition of 127 existing units that are located in the footprint of Phase 3. This loan request also includes a soft cost budget for the design, engineering and permitting of the full phase of infrastructure to augment the soft cost budget in the predevelopment loan approved last year. This demo and abatement scope will be executed starting in January 2023 to provide a clear area for the late 2023 construction start of new street and utility infrastructure and grading of the housing blocks 7, 8 and 9 and the blocks 2 and 4 open spaces. The abatement and demolition of these 127 existing units is necessary to prevent squatting and other safety issues.

Mercy Housing California and Related California