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Committee advances $50.6 million permanent loan for Normandy Apartments in Western Addition
Summary
The Budget and Finance Committee voted to forward a resolution authorizing the Mayor's Office of Housing and Community Development to execute permanent financing, up to $50.6 million, for the Normandy Apartments acquisition and rehabilitation; the Tenderloin Neighborhood Development Corporation will be the developer.
The Budget and Finance Committee on Feb. 26 voted to forward to the full Board of Supervisors a resolution authorizing the Mayor's Office of Housing and Community Development (MOHCD) to execute loan documents to finance acquisition and rehabilitation of Normandy Apartments, a 109-unit property at Ellis and Gough streets in the Western Addition.
Aaliyah Gage, preservation program manager at MOHCD, told the committee that the package totals $50,600,000 and combines two loan products: a small sites acquisition loan and preservation-and-seismic-safety (PASS) hard debt. "The first component of the loan will be the repayment of a 35.8 acquisition bridge loan,"…
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