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Title:
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Resolution 1) approving and authorizing a Loan Agreement in an amount not to exceed $2,656,208 for a minimum loan term of 57 years (“Low Income Loan Agreement”) to finance the development and construction of a project located at 1360-43rd Avenue in San Francisco (“Property”) with the MP Francis Scott Key 2 Associates, L.P. in order to construct a 100% affordable, 35-unit multifamily rental housing development affordable to low-income households with priority to educators and employees of the San Francisco United School District (SFUSD); 2) approving and authorizing an Amended and Restated Loan Agreement in an amount not to exceed $45,543,792 for a minimum loan term of 57 years (“Moderate Income Loan Agreement”) to finance the development and construction of a project located at the Property with MP Francis Scott Key 1, LLC. in order to construct a 100% affordable, 100-unit multifamily rental housing development affordable to moderate-income households with priority to educators and employees of the San Francisco United School District, and space for community-serving purposes; 3) 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 4) authorizing Mayor and the Director of MOHCD to execute the Low Income Loan Agreement and Moderate Income Loan Agreement, and make certain modifications to such agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined herein.
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