City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
210383
Name:
Acquisition of Real Property - 4840 Mission Housing
Associates LP - 4840 Mission Street - 100%
Affordable Housing - $0 in Exchange for $8,150,000
Credit - Ground Lease with Base Rent of $15,000 -
Loan Not to Exceed $28,751,450
Status:
Type:
Resolution
Passed
File created:
In control:
4/13/2021
Clerk of the Board
On agenda:
Final action:
5/14/2021
Enactment date:
5/14/2021
208-21
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property, on behalf of the Mayor’s Office of
Housing and Community Development (“MOHCD”), to acquire real property located at 4840 Mission
Street (“Property”) from 4840 Mission Housing Associates LP (“Developer”) for $0 in exchange for a
$8,150,000 credit; 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 $28,751,450 for a minimum loan term of 57 years (“Loan Agreement”) to finance the
construction of a 100% affordable, 137-unit multifamily rental housing development (plus two staff
units) on the Property for low income households with 40 parking spaces and an ancillary commercial
space of approximately 4,407 square feet for public benefit or community-serving purposes
(“Residential Project”) and the construction of the cold shell for a nonprofit community-serving health
clinic (“Clinic Project,” and together with the Residential Project, the “Project”); 4) approving and
authorizing an Agreement for Purchase and Sale for acquisition of the Property (“Purchase
Agreement”); 5) approving and authorizing 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 Residential Project (“Residential Ground Lease”), 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 $5,000 in order to
construct the Clinic Project (“Clinic Ground Lease”); 6) adopting findings that the Purchase
Agreement, Loan Agreement, Residential Ground Lease, and Clinic Ground Lease are consistent with
the General Plan, and the eight priority policies of Planning Code, Section 101.1; and 7) authorizing
the Director of Property and/or the Director of MOHCD to execute the Purchase Agreement, Loan
Agreement, Residential Ground Lease, and Clinic Ground Lease, make certain modifications to such
agreements, as defined herein, and take certain actions in furtherance of this Resolution, as defined
herein.
Sponsors:
Mayor, Ahsha Safai
Attachments:
1. Leg Ver1, 2. DRAFT Purchase & Sale Agrmt, 3. DRAFT Residential Ground Lease, 4. DRAFT
Clinic Ground Lease, 5. DRAFT Loan Agrmt, 6. PLN Gen Plan Ref 061419, 7. NOFA 041816, 8. Form
126 - Residential Ground Lease, 9. Form 126 - Clinic Ground Lease, 10. Form 126 - Loan, 11. BLA
Report 042821, 12. Comm Pkt 042821, 13. Board Pkt 050421, 14. Leg Final, 15. Form 126 Final
(Clinic Ground Lease), 16. Form 126 Final (Loan), 17. Form 126 Final (Res. Ground Lease)
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
4/13/2021
1
RECOMMENDED
Budget and Finance Committee
4/28/2021
1
Pass
ADOPTED
Board of Supervisors
5/4/2021
1
Pass
APPROVED
Mayor
5/14/2021
1