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Title:
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Resolution approving and authorizing the Mayor and the Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to execute agreements with Mercy Housing California 108, L.P. relating to 1) a loan in an amount not to exceed $41,036,048 for a minimum term of 55 years to provide permanent financing for a 146-unit (including one manager’s unit) permanent supportive housing development, plus resident common areas and supportive services space, on real property located at 1633 Valencia Street (the “Project”), and 2) a grant in an amount not to exceed $80,785,406 for a 19-year term to provide Local Operating Subsidy Program funds to subsidize operations and debt service for the Project; 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 the Director of MOHCD and/or the Director of Property, or their designees, to make certain modifications to the loan and grant documents and take certain actions in furtherance of this Resolution, as defined herein.
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