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Committee forwards $71.1M loan package to finish Granada Hotel rehab as permanent supportive housing
Summary
The committee recommended the full Board authorize up to $71.1 million in loans and commitments to complete rehabilitation and permanent financing of the 214‑unit Granada Hotel SRO (a Homekey preservation project), after questioning large cost upsizes tied to plumbing and inspection issues.
City housing staff asked the Budget & Finance Committee to approve a loan package to complete rehabilitation and provide permanent financing for the Granada Hotel, a 214‑unit single‑room occupancy building in Lower Nob Hill originally acquired under the state Homekey program.
Sophie Rubin of the Mayor’s Office of Housing and Community Development said construction revealed extensive galvanized plumbing…
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