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Supervisors back MOHCD funding and acquisition for 203‑unit affordable project at 921 Howard Street
Summary
The Budget & Finance Committee recommended positive action to acquire 921 Howard and provide a loan (up to ~$39.1M) to support a 203‑unit affordable development led by TNDC, after extensive questions about long hold times, developer capacity, AMI mix and disposition of remaining parcel. The BLA recommended reporting back on Parcel B plans.
The committee voted Feb. 24 to forward to the full Board a resolution authorizing acquisition of Parcel A at 921 Howard Street ($13.7M) and a low‑interest MOHCD loan not to exceed $39.15M for construction of a 203‑unit affordable housing development to be developed by Tenderloin Neighborhood Development Corporation (TNDC) and Charmaine Curtis/ Curtis Development.
Jonathan Gagan of MOHCD described the project history (site control dating to 2007), the financing package (total sources and uses shown in the BLA report) and the developers’ current commitments: CalHFA Mixed Income Program, bond and tax‑credit commitments that MOHCD staff said were sufficient to proceed to construction loan closing in May. TNDC senior director Katie Lamont explained earlier decisions to land‑bank, partnership histories with private developers, past attempts to secure financing and why the current plan is now feasible.
Supervisors extensively questioned the long period the site has remained undeveloped, the city’s policy on land banking, assurances of development capacity and the change in affordability unit mix (shift toward moderate‑income units up to 120% AMI under the Mixed Income Program). MOHCD and TNDC said financing constraints and market changes drove prior delays; MOHCD stated it does not as a policy generally land‑bank but acknowledged exceptional historical circumstances for this site.
The Budget Legislative Analyst recommended amended language urging MOHCD to report to the Board on disposition of the remaining Parcel B prior to finalizing acquisition details; the committee accepted a set of BLA and controller technical amendments and forwarded the item with a positive recommendation.
What happens next: The item will go to the full Board with a positive committee recommendation. BLA requested that MOHCD report to the Board with details about Parcel B prior to final disposition.
