City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
2
210143
Name:
Acquisition of Real Property - 5th and Howard
Associates, L.P. - 921 Howard Street - 100%
Affordable Housing - $13,765,670 - Ground Lease
with Base Rent of $15,000 - Loan Not to Exceed
$39,148,960
Status:
Type:
Resolution
Passed
File created:
In control:
2/9/2021
Clerk of the Board
On agenda:
Final action:
3/12/2021
Enactment date:
3/12/2021
097-21
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property, on behalf of the San Francisco
Mayor’s Office of Housing and Community Development (“MOHCD”), to acquire real property located
at 921 Howard Street (“Property”) from 5th and Howard Associates, L.P. (“Developer”) for
$13,765,670; 2) placing the Property under the jurisdiction of MOHCD for use in constructing
affordable housing for San Franciscans; 3) approving and authorizing a Loan Agreement in an amount
not to exceed $39,148,960 for a minimum loan term of 57 years (“Loan Agreement”) to finance the
construction of a 100% affordable, 203-unit multifamily rental housing development (plus one staff
unit) on the Property for low income households with ancillary commercial space for public benefit or
community-serving purposes (“Project”); 4) approving and authorizing an Agreement for Purchase and
Sale for acquisition of the Property (“Purchase Agreement”) and a Ground Lease back to the
Developer for a lease term of 75 years and one 24-year option to extend and an annual base rent of
$15,000 in order to construct the Project (“Ground Lease”) to commence after approval by the Board
of Supervisors and Mayor; 5) adopting findings that the Purchase Agreement, Loan Agreement and
Ground Lease are consistent with the General Plan, and the eight priority policies of Planning Code,
Section 101.1; and 6) authorizing the Director of Property and the Director of MOHCD to execute the
Purchase Agreement, Ground Lease, and Loan Agreement, make certain modifications to such
agreements, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor
Attachments:
1. Leg Ver1, 2. DRAFT Purchase Agmt, 3. DRAFT Ground Lease, 4. DRAFT Loan Agrmt, 5. PLN
General Pln Ref 011321, 6. PLN Rev General Pln Ref 020921, 7. NOFA 101907, 8. Form 126 -
Purchase and Sale Agmt, 9. Form 126 - Ground Lease, 10. Form 126 - Loan Agmt, 11. BLA Report
022421, 12. Comm Pkt 022421, 13. Leg Ver2, 14. Board Pkt 030221, 15. Form 126 Final - Purchase
and Sale Agent, 16. Form 126 Final - Ground Lease, 17. Form 126 Final - Loan Agmt, 18. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
2/9/2021
1
AMENDED, AN AMENDMENT OF THE
WHOLE BEARING SAME TITLE
Budget and Finance Committee
2/24/2021
1
Pass
RECOMMENDED AS AMENDED
Budget and Finance Committee
2/24/2021
2
Pass
ADOPTED
Board of Supervisors
3/2/2021
2
Pass
APPROVED
Mayor
3/12/2021
2