City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
220767
Name:
Loan Agreements - MidPen Housing Corporation -
100% Affordable Rental Housing for SFUSD
Educators and Employees - Total Loans Not to
Exceed $48,200,000
Status:
Type:
Resolution
Passed
File created:
In control:
6/28/2022
Clerk of the Board
On agenda:
Final action:
7/28/2022
Enactment date:
7/28/2022
339-22
Enactment #:
Title:
Resolution 1) approving and authorizing a Loan Agreement in an amount not to exceed $2,656,208
for a minimum loan term of 57 years (“Low Income Loan Agreement”) to finance the development and
construction of a project located at 1360-43rd Avenue in San Francisco (“Property”) with the MP
Francis Scott Key 2 Associates, L.P. in order to construct a 100% affordable, 35-unit multifamily rental
housing development affordable to low-income households with priority to educators and employees
of the San Francisco United School District (SFUSD); 2) approving and authorizing an Amended and
Restated Loan Agreement in an amount not to exceed $45,543,792 for a minimum loan term of 57
years (“Moderate Income Loan Agreement”) to finance the development and construction of a project
located at the Property with MP Francis Scott Key 1, LLC. in order to construct a 100% affordable,
100-unit multifamily rental housing development affordable to moderate-income households with
priority to educators and employees of the San Francisco United School District, and space for
community-serving purposes; 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 Mayor and the Director of MOHCD to execute the Low Income Loan Agreement and
Moderate Income Loan Agreement, and make certain modifications to such agreements, as defined
herein, and take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor, Gordon Mar, Hillary Ronen, Ahsha Safai, Rafael Mandelman, Shamann Walton
Attachments:
1. Leg Ver1, 2. DRAFT Low Income Loan Agmt, 3. DRAFT Low Income Dec of Restrictions, 4. DRAFT
Low Income Deed of Trust, 5. DRAFT Low Income Promissory Note, 6. DRAFT Moderate Income
Loan Agmt, 7. DRAFT Moderate Income Dec of Restrictions, 8. DRAFT Moderate Income Deed of
Trust, 9. DRAFT Moderate Income Promissory Note, 10. Exhibit B-1 -Dev Budget - Low Income, 11.
Exhibit B-1 -Dev Budget - Mod Income, 12. Exhibit B-2 -1st Year Op Budget - Low Income, 13. Exhibit
B-2 -1st Year Op Budget - Mod Income, 14. Exhibit B-3 -20 Year Op Budget - Low Income, 15. Exhibit
B-3 -20 Year Op Budget - Mod Income, 16. Exhibit C - Mod Income -Tenant Income Certification and
Recertification, 17. Exhibit C - Tenant Income Certification Form 2021, 18. Exhibit G - Form of Annual
Monitoring Report - 2020, 19. Exhibit J -Current Developer Fee Policy 101620, 20. Exhibit K - Hold
Harmless Policy, 21. Exhibit O -Commercial Underwriting Guidelines, 22. Exhibit P -Residual Receipts
Policy, 23. DRAFT MOU MOHCD-SFUSD, 24. Gap Loan Eval Req 041522, 25. Ntce of Special
Restrictions - Recorded 071621, 26. RFP 101718, 27. PLN - Notice of Final Approval 052120, 28.
PLN Gen Pln Ref 060222, 29. BOS Reso No. 238-17, 30. Forms 126 - 2, 31. BLA Rpt 071322, 32.
Cmte Pkt 071322, 33. Board Pkt 071922, 34. Leg Final, 35. Form 126 Final - 2
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
6/28/2022
1
RECOMMENDED
Budget and Finance Committee
7/13/2022
1
Pass
ADOPTED
Board of Supervisors
7/19/2022
1
Pass
APPROVED
Mayor
7/28/2022
1