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Board approves HCD grants and loans for Balboa Reservoir affordable housing projects
Summary
The Board approved three state grants and loans through the Mayor’s Office of Housing and Community Development to fund 100 percent affordable housing and related infrastructure at the Balboa Reservoir site, including loans to developers and grants to the city for transit and streetscape improvements.
The San Francisco Board of Supervisors approved three standard agreements with the California Department of Housing and Community Development (HCD) on May 6 to fund affordable housing and infrastructure at the Balboa Reservoir site.
Items 20 through 22 authorize the Mayor’s Office of Housing and Community Development to accept and expend awards from the HCD’s Affordable Housing and Sustainable Communities and Infill Infrastructure Grant programs. Item 20 is a roughly $29,500,000 award that includes a $19,600,000 loan to Balboa Lee Avenue LP for 100 percent affordable housing at Balboa Reservoir Building E and approximately $9,900,000 as a grant to the city for transportation, streetscape and pedestrian improvements. Item 21 is a $45,700,000 award that includes a $33,000,000 loan to Balboa Gateway LP for 100 percent affordable housing at Frida Kahlo Way and $12,700,000 in transportation and streetscape grants. Item 22 is an approximate $20,000,000 infill infrastructure grant for infrastructure improvements for Balboa Reservoir Building A and Building E through 06/30/2030.
Supervisor Rafael Mandelmann (on behalf of others) and Supervisor Matt Dorsey and Supervisor Melgar each noted the long planning timeline and the scale of the project. Supervisor Melgar described the site as “17 acres of asphalt that will be turned into a new neighborhood,” thanked staff and partners for permitting and funding work, and said the project is expected to break ground this year.
Supporters said the awards combine loans to developers for 100 percent affordable housing with city grants for transit-oriented improvements intended to serve future residents and neighboring communities. The grants will be administered by MOHCD and carried out through the city’s capital improvement and transportation programs.
Ending: The resolutions were adopted without objection. MOHCD staff will execute the standard agreements and work with partners and the HCD on disbursement and project milestones; supervisors said they expect construction to begin in the near future.
