City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
240374
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
Status:
Type:
Resolution
Passed
File created:
In control:
4/16/2024
Clerk of the Board
On agenda:
Final action:
5/15/2024
Enactment date:
5/15/2024
251-24
Enactment #:
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
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
4/16/2024
1
RECOMMENDED
Budget and Finance Committee
5/1/2024
1
Pass
Board of Supervisors
5/7/2024
1
APPROVED
Mayor
5/15/2024
1