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OCII transfers Hugo Hotel site financing to Mayor's housing office to preserve project schedule
Summary
The Commission authorized transferring ownership and assignment of a $3.2 million predevelopment loan for 200 Sixth Street (the former Hugo Hotel) to the Mayor’s Office of Housing and Community Development so the Mercy Housing-led project can meet HUD and tax-credit deadlines after a Department of Finance funding denial.
The Commission on Community Investment and Infrastructure voted unanimously to transfer ownership and assign the OCII predevelopment loan for 200 Sixth Street — the former Hugo Hotel site — to the Mayor’s Office of Housing and Community Development (MOHCD) to keep a 66-unit affordable rental project on schedule.
Executive Director Bohe and a MOHCD representative said the move followed a denial from the California Department of Finance that…
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