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Committee backs forwarding $20.9M permanent loan for 64‑unit small‑sites project at 1005 Powell
Summary
The committee recommended forwarding a resolution to authorize permanent financing (loan not to exceed $20.9 million) for a 64‑unit SRO rehabilitation at 1005 Powell Street, to be restricted for seniors with 99 years of affordability tied to an operating subsidy; committee members flagged long‑term operating deficit risks.
The Budget and Finance Committee on May 15 recommended forwarding to the Board of Supervisors a resolution authorizing the Mayor’s Office of Housing and Community Development (MOHCD) to execute permanent financing for 1005 Powell Street under the Small Sites program.
Aliyah Gage of MOHCD said the property—located on the Chinatown/Nob Hill border in District 3—includes 64 SRO units (one manager unit) and two ground‑floor commercial units. The building was acquired by Chinatown Community Development Center (CCDC) in December 2021 and underwent a substantial rehabilitation…
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