Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Financing topic
No spam. Unsubscribe anytime.
Committee forwards major affordable housing finance packages for Potrero HOPE SF and Shirley Chisholm educator housing
Summary
The committee recommended approval of multiple MOHCD loan and state funding agreements to finance Potrero HOPE SF Block B (157 units) and the Shirley Chisholm Village (135 affordable units prioritized for educators), leveraging state infill, AHSC and Housing Accelerator funds and MOHCD gap financing.
The Mayor's Office of Housing and Community Development presented a multi‑item financing package to support construction at Potrero HOPE SF Block B and a separate educator housing development called Shirley Chisholm Village.
For Potrero Block B (Items 9–12) MOHCD requested approval of a city loan (up to ~$17.7M) and acceptance of several state awards (Infill Infrastructure Grant ~$11.7M, AHSC ~$29.8M, and Housing Accelerator ~$94.8M) to finance infrastructure and affordable replacement housing as part of the larger HOPE SF redevelopment. MOHCD said vertical construction for Block B was scheduled to begin in early August and construction would last roughly 24 months.
Item 13 (Shirley Chisholm Village) authorizes two MOHCD permanent loans (~$48.2M total) to finance a 135‑unit family rental project targeted to educators (35 low‑income tax credit units and 100 moderate‑income units). MOHCD and MidPen Housing described the project timeline and noted prior delays tied to state tax credit and bond program changes; construction was slated to commence in August 2022 with completion expected in late 2024. BLA reviewed financials and recommended approval for the city loan given the high non‑city leverage and a relatively modest city subsidy per unit. The committee moved the packages to the full Board with positive recommendations.
