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Project Homekey: committee backs acquisition of Hotel Diva at 440 Geary for 130 supportive-housing units
Summary
The committee approved a resolution authorizing Project Homekey funding and local matching commitments to acquire and convert the Hotel Diva (440 Geary) into approximately 130 units of permanent supportive housing; the resolution includes CEQA clearance language and was advanced to the Board with a positive recommendation.
The Budget and Finance Committee voted to forward a resolution that authorizes the Department of Homelessness and Supportive Housing (HSH) to accept up to $30 million in State Homekey funds and commit roughly $27.4 million in local matching funds to acquire and rehabilitate the Hotel Diva at 440 Geary for conversion to 130 units of permanent supportive housing.
Deputy Director Gigi Whitley said HSH and co-applicant Episcopal Community Services (ECS) would complete acquisition and begin rehabilitation on an aggressive timeline set by the State Homekey program; the state award requires projects to be under contract and funds spent by Dec. 30, 2020. HSH anticipates acquisition costs of about $48 million (possibly rising to ~$50 million if the ground-floor commercial space is included) and a total project budget around $53.47 million; estimated operating subsidies over five years are roughly $13.3 million, partially offset by ~$3.12 million in state general funds.
The Planning Department confirmed the project is eligible for ministerial SB 35 review and HSH proposed an amendment adding categorical-exemption language; Planning staff said tribal notification is underway. The committee approved the CEQA-related amendment and moved the item to the full Board with a positive recommendation.
