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OCII conditionally assigns $250,000 1994 loan to Mayor—s housing office to support 20 Fourth Street affordable project
Summary
The Office of Community Investment and Infrastructure conditionally authorized assigning a 1994 $250,000 loan to the Mayor—s Office of Housing and Community Development so the funds can be restructured and used toward a proposed 35-unit affordable housing project at 20 Fourth Street in the Mission District; the motion passed 3–0 with one commissioner absent.
The Office of Community Investment and Infrastructure on Wednesday conditionally authorized transferring a 1994 $250,000 loan to the Mayor—s Office of Housing and Community Development so the funds can be modified and applied to a planned 35-unit affordable housing project at 20 Fourth Street in San Francisco's Mission District. The commission voted 3 ayes, 1 absent to adopt the resolution.
OCII staff told commissioners the loan originated under a 1994 20 Fourth Street Revitalization Program that required acquired properties to be used for commercial purposes and leased to for-profit tenants. Christine Maher, OCII senior real estate development specialist, said the loan remains secured by deeds of trust, has a maturity date recorded as November 2014, and includes a forgiveness provision that applies only if "all the terms and conditions of the loan agreement and the…
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