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Committee recommends ground lease amendment to support rehabilitation of Mariposa Gardens affordable housing
Summary
The committee forwarded a resolution to amend and restate a long-term ground lease with MHDC Mariposa Gardens Associates LP to enable refinancing and rehabilitation of a 62–63-unit, 100% affordable complex at 2445 Mariposa Street; the amendment accommodates lender requirements and maintains an annual base rent of $20,000.
The Budget and Finance Committee on March 10 recommended that the full Board approve an amended and restated ground lease to facilitate rehabilitation of Mariposa Gardens Apartments, a 62–63-unit affordable rental complex at 2445 Mariposa Street in the Mission neighborhood.
Omar Cortez (Moseley) said the amendment incorporates additional lender protections required by Freddie Mac so the project can refinance, generate excess proceeds, and pay for rehabilitation. The amended ground lease term would be 38 years with a 44-year option to extend; the committee record states the annual base rent to the Mayor's Office of Housing would be $20,000 and the lease structure will conform to the Mayor's Office residual rent policy.
Sevin Campbell (BLA) summarized that the amendment continues the existing term, adds the 44-year option for a total of 99 years, revises the rent structure to match MOHCD policy, and recommended approval. No public speakers were registered. The committee voted to forward the resolution to the full Board with a positive recommendation.
