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Board authorizes multiple state grants and Homekey applications for Balboa Reservoir and other affordable housing projects
Summary
Supervisors approved a set of grant agreements and joint Homekey applications to support several 100%-affordable projects at the Balboa Reservoir site and other locations, including loans and grants totaling tens of millions of dollars; supervisors expressed support and noted expected ground‑breaking this year for one project.
The San Francisco Board of Supervisors on May 6 adopted resolutions authorizing several grant agreements and joint applications intended to finance affordable housing and related infrastructure near the Balboa Reservoir and additional Homekey applications.
The Mayor's Office of Housing and Community Development (MOHCD) will execute three standard agreements with the California Department of Housing and Community Development (HCD): - Item 20: Approximately $29.5 million total, including a $19.6 million HCD loan to Balboa Lee Avenue LP for 100% affordable housing (identified as Balboa Reservoir Building E/Frida Kahlo Way) and a $9.9 million HCD grant to the city for transit and streetscape improvements (through Nov. 30, 2042). - Item 21: Approximately $45.7 million total, including a $33 million loan to Balboa Gateway LP for 100% affordable housing and a $12.7 million grant for transportation and streetscape improvements (through Nov. 30, 2043). - Item 22: An infill infrastructure grant of roughly $20 million for infrastructure improvements related to Balboa Reservoir Buildings A and E for 100% affordable housing (through 06/30/2030 as amended).
Separately, items 23 and 24 authorize the Department of Homelessness and Supportive Housing to submit joint Homekey Plus applications with two entities to acquire and convert properties: item 23 for 835 Turk Street (~$18 million) and item 24 for 1035 Venice Avenue (total noted in the record as $37.5 million), with maximum award caps per the NOFA.
Supervisor Melgar thanked colleagues and city staff, saying the Balboa work will replace approximately 17 acres of asphalt with a new neighborhood, deliver family housing and — he said — is “the most impactful development project we've had in District 7 in decades” and is expected to break ground this year. The resolutions were adopted without objection.
