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File #:
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240991
Version:
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Name:
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Loan Agreements - MP Golden Gate Avenue Associates, LP - Golden Gate Avenue Phase I LIHTC - $12,500,000; MP GGA Moderate LLC - Golden Gate Avenue Phase I Moderate - $10,200,000; Mid-Peninsula Hermanas, Inc. - IIG Funds - $1,250,000; Total NTE $22,747,350
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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Final action:
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11/7/2024
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Enactment date:
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11/7/2024
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Enactment #:
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551-24
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Title:
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Resolution 1) approving and authorizing the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute an Amended and Restated Loan Agreement with MP Golden Gate Avenue Associates, L.P., a California limited partnership, (“Low Income Loan Agreement”) for a total loan amount not to exceed (NTE) $12,500,000 to finance the construction of a 55-unit multifamily rental housing development for low-income households with a preference for employees of the San Francisco Unified School District (“SFUSD”) and San Francisco Community College District (“SFCCD”), which will be known as Golden Gate Avenue Phase I LIHTC (the "LIHTC Project"); 2) approving and authorizing the Director of MOHCD to execute a Loan Agreement with MP GGA Moderate LLC, a California limited liability company, (“Moderate Income Loan Agreement”) for a total loan amount not to exceed $10,200,000 to finance the development and construction of a 20-unit multifamily rental housing development for moderate-income households with a preference for employees of SFUSD and SFCCD, which will be known as Golden Gate Avenue Phase I Moderate (the “Moderate Project”); 3) approving and authorizing the Director of MOHCD to execute a Loan Agreement with Mid-Peninsula Hermanas, Inc., a California nonprofit public benefit corporation, (“Garage Loan Agreement”) for a total loan amount not to exceed $1,250,000 to finance the development of a parking garage (“Garage Project”) for State of California employees with funds from the State’s Infill and Infrastructure Grant (“IIG”) program; for a cumulative amount, including all Loan Agreement amounts, not to exceed $22,747,350; and 4) adopting findings that the loan agreements are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; and to authorize the Director of MOHCD to enter into amendments or modifications to the Agreements that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Agreements or this Resolution.
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Attachments:
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1. Leg Ver1, 2. DRAFT Low Income Loan Agrmt, 3. DRAFT Moderate Income Loan Agrmt, 4. DRAFT Garage Loan Agrmt, 5. Executed Std Agrmt 091624, 6. NOFA 022423, 7. Ntc of Exemption 040822, 8. PLN Gen Pln Ref 092324, 9. Gov Exec Ord No. N-06-19 011519, 10. BOS Reso No. 42-24 020924, 11. Award Ltr 020923, 12. Form 126, 13. BLA Rpt 103024, 14. Cmte Pkt 103024, 15. MOHCD Presentation 103024, 16. Leg Ver2, 17. Board Pkt 110524, 18. Leg Final, 19. Form 126 Final
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