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Board approves ground lease and financing for 160 Freelon affordable housing project
Summary
The Board of Supervisors approved a 75‑year ground lease and related financing measures to support a 100% affordable rental project at 160 Freelon Street, including a $22.5 million loan and authorization for multifamily housing revenue notes and federal tax‑exempt mortgage revenue notes up to stated limits.
The San Francisco Board of Supervisors on May 20 adopted resolutions authorizing a long‑term ground lease and related financing steps for a 100% affordable rental housing project at 160 Freelon Street in San Francisco.
The board approved a ground lease between the city and 160 Freelon Housing Partners LP for city‑owned property at 160 Freelon Street, described in the agenda as a 75‑year lease with an option to extend. The project sponsor plans to construct an 84‑unit multifamily building affordable to low‑income households plus one manager’s unit. The development will include 22 units reserved for formerly homeless households under the city’s local operating subsidy program and five units for referrals from the city’s “plus housing” list, according to the resolution presented on the floor.
The board also approved an amended and restated loan agreement authorizing a loan in the amount of $22,500,000 to the project and adopted findings to support the ground lease and loan (item 11). In a companion action (item 12), the board authorized the execution and delivery of multifamily housing revenue notes in one or more series for $76,000,000 to provide financing for the project and approved forms and terms for federally tax‑exempt residential mortgage revenue notes in an aggregate principal amount not to exceed $48,900,000 as described in the packet.
Clerk records show the items were taken “same house, same call” and approved without objection. The resolutions include standard findings required for affordable‑housing financings and the City’s approval of related documents. The board did not take separate amendments on these items during the meeting.
The actions authorize the city and the Mayor’s Office of Housing and Community Development to proceed with the ground lease and financing documents; all final disbursements and construction work remain contingent on closing of financing, execution of loan documents and the city’s further required approvals during project implementation.
The board’s votes on both items were recorded as adopted on first reading and do not themselves convey construction permits or final developer approvals under DBI or other city departments, which remain separate processes.
