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Committee forwards 833 Bryant permanent supportive housing lease and financing plan
Summary
The committee recommended forwarding a master lease and sublease for 145 permanent supportive housing units at 833 Bryant Street (SoMa); the project uses private financing, tax credits and a city lease payment capped near $2.0M annually and includes an option for the city to acquire land for $1 after 30 years.
Department of Homelessness and Supportive Housing officials presented a master lease resolution for 833 Bryant Street, a new construction permanent supportive housing (PSH) project that will provide 145 studio units plus a manager's unit.
Emily Cohen and Gigi Whitley said the project is an innovative public‑private partnership that leverages philanthropic capital, tax credits and tax‑exempt debt. The Housing Accelerator Fund provided the land at an $8.2 million cost and bridge financing; Mercy Housing is the developer and operator. The overall development budget is approximately $54.9 million, financed through bond proceeds, a permanent loan from Homes for the Homeless Fund, and tax equity. The city's lease commitment was described as capped at about $2,014,000 per year, with actual base rent finalized after bond pricing (the first city lease payment expected spring 2023). The project is structured so no city funds are required for construction prior to occupancy; the city retains placement authority through the coordinated entry system and an option to buy the land for $1 at lease termination was described.
BLA noted the item's policy significance because it commits the city to an annual general‑fund obligation of up to $2 million over 30 years and recommended a report back to the Board when the conveyance agreement is executed. The committee approved amendments and forwarded the item with a positive recommendation (3–0).
