File #: 240374    Version: 1 Name: 100% Permanent Supportive Housing - 1633 Valencia Street - Mercy Housing California 108, L.P. - Loan Not to Exceed $41,036,048 - Grant Not to Exceed $80,785,406
Type: Resolution Status: Passed
Introduced: 4/16/2024 In control: Clerk of the Board
On agenda: Final action: 5/15/2024
Enactment date: 5/15/2024 Enactment #: 251-24
Title: 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.
Sponsors: Mayor, Hillary Ronen
Attachments: 1. Leg Ver1, 2. DRAFT Loan Agreement, 3. DRAFT Grant Agreement 080923, 4. DRAFT Deed of Trust, 5. DRAFT Declaration of Restrictions, 6. DRAFT Secured Promissory Note, 7. DRAFT ROFR Agreement, 8. LOSP Financing Evaluation, 9. PLN SB-35 Ntc Final Approval 080923, 10. PLN GPR 030724, 11. Form 126, 12. MOHCD Presentation 050124, 13. BLA Rpt 050124, 14. Cmte Pkt 050124, 15. Board Pkt 050724, 16. Form 126 Final, 17. Leg Final
Legislation Details
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