City and County of San Francisco - File #: 260793

• File #: 260793
• Version: 1
• Name: Acquisition of Real Property - $2,178,786 - Amended Loan - NTE $13,666,153 - Residential Ground Lease - ABR $100 - New Asia Housing, L.P. - Commercial Ground Lease - ABR $1 - CCDC New Asia Commercial LLC - 758 and 772 Pacific Ave - 100% Affordable Housing
• Type: Resolution
• Status: Scheduled for Committee Hearing
• Introduced: 7/7/2026
• In control: Budget and Finance Committee
• Title: Resolution 1) approving and authorizing the Director of Property, on behalf of the San Francisco Mayor’s Office of Housing and Community Development (“MOHCD”), to acquire real property located at 758 Pacific Avenue (“758 Pacific") from New Asia Housing, L.P. (“Residential Borrower”) for $2,178,786 under an Agreement of Purchase and Sale for Real Estate (“Purchase Agreement”); 2) placing 758 Pacific under the jurisdiction of MOHCD for use in constructing affordable housing; 3) approving and authorizing a Third Amendment to the Loan Agreement with the Residential Borrower in a total amount not to exceed (“NTE”) $13,666,153 (“Loan Agreement”) to finance predevelopment costs associated with the Project; 4) approving and authorizing the Director of Property and the Director of MOHCD to enter into a Residential Ground Lease to lease a portion of 758 Pacific and 772 Pacific (together, the “Residential Property”) to Residential Borrower for a term of 75 years with one 24-year option to extend and an annual base rent (“ABR”) of $100 plus an annual monitoring and administrative fee of $15,000 (“Residential Ground Lease”) in order to construct a 100% affordable, 175-unit multifamily rental housing development affordable to low-income senior households, including one manager’s unit (the “Residential Project”); 5) approving and authorizing the Director of Property and the Director of MOHCD to enter into a Commercial Ground Lease with CCDC New Asia Commercial LLC to lease a portion of 772 Pacific (the “Commercial Property” and together with the Residential Property, the “Property”) for a term of 75 years with one 24-year option to extend and an ABR of $1 (“Commercial Ground Lease”) in order to construct and operate certain commercial space for community-serving purposes on the Commercial Property (the “Commercial Project” and together with the Residential Project, the “Project”); 6) adopting findings declaring that the Property is “exempt surplus land” pursuant to the California Surplus Lands Act; 7) determining that the less than market rent payable under the Residential Ground Lease and the Commercial Ground Lease will serve a public purpose by providing affordable housing for low-income households in need and community-serving commercial space to the residents of the Project, in accordance with Section 23.30 of the Administrative Code; 8) adopting findings that the Project and proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and 9) authorizing the Director of Property and/or the Director of MOHCD to make certain modifications to the Purchase Agreement, Loan Agreement, Residential Ground Lease, and Commercial Ground Lease, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
• Sponsors: Mayor, Danny Sauter

Date	Ver.	Action By	Action	Result
7/7/2026	1	President	RECEIVED AND ASSIGNED