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Committee approves financing package and loan documents to build 184 affordable units at Sunnydale
Summary
The committee amended one administrative reference and forwarded to the full board resolutions authorizing bonds and city loans to finance two new affordable housing buildings (Blocks 7 and 9) at the Sunnydale Hope SF redevelopment, totaling 184 units of replacement and lottery affordable homes.
The Budget and Finance Committee on April 9 approved and forwarded a set of financing resolutions that will allow construction to start on two new affordable housing buildings at the Sunnydale Hope SF redevelopment.
The package includes authorizations for tax‑exempt and taxable multifamily housing revenue notes and related loan agreements to finance Sunnydale Block 7 (89 units) and Block 9 (95 units). The proposed City loans are up to $18,050,000 for Block 7 and up to $30,200,000 for Block 9. Jason Lou and Ryan Van Zylen of the Mayor’s Office of Housing and Community Development (MOHCD) described the projects as 100% affordable family housing with substantial replacement units reserved for existing Sunnydale public‑housing residents (Block 7: 67 replacement units; Block 9: 71 replacement units). Unit mixes emphasize family sizes with multiple 3‑ and 4‑bedroom units.
Total development costs were presented in committee as approximately $107.6 million for Block 7 and $113.5 million for Block 9. The MOHCD presentation said Block 7 financing includes state Affordable Housing & Sustainable Communities (AHSC) funds awarded in 2024 and housing tax credits, and both sites will use construction and permanent private financing alongside the City loan. Construction starts for both blocks were expected in late May with estimated completion in February 2027.
Committee members moved and accepted a clerks’ amendment to item 6 (technical edits to the resolution’s referenced documents), and then voted to forward items 6–9 to the full board with positive recommendations. The committee vote was recorded as 3–0 in favor (Dorsey, Engardio, Chan).
