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Committee forwards $18.6M loan agreement for Sunnydale Hope SF Block 6 to Board with BLA follow‑up requested
Summary
The committee voted to send a resolution to the full Board approving an amended MOHCD loan agreement of up to $18.6 million to finance 167 low‑income rental units at Sunnydale (Block 6), and asked for a follow‑up OCII report by Dec. 9 per the BLA recommendation.
The Budget & Finance Committee on Oct. 16 moved to forward a resolution authorizing the Mayor’s Office of Housing and Community Development to enter an amended and restated loan agreement with Block 6 Housing Partners for up to $18,600,000 to finance a 167‑unit multifamily rental development known as Sunnydale Hope SF Block 6.
Sarah Amaral (MOHCD) and project partners described why Block 6’s total development cost is higher when infrastructure is included but comparable on a per‑unit basis to earlier pipeline projects once those infrastructure costs are normalized. Speakers said the Hope SF initiative combines rehousing, infrastructure and anti‑displacement measures, and noted the program has rehoused families at earlier Hope SF sites.
The Budget and Legislative Analyst (BLA) had raised questions about construction cost numbers at a prior hearing and submitted a revised recommendation during this meeting. The BLA asked the committee to amend the resolution to request a report from OCII by Dec. 9 to provide clarified cost items; the committee accepted the BLA amendment. Chair Sandra Lee Feuer moved the item to the Board with a positive recommendation; the motion was taken without objection.
Next steps: The amended resolution (including the BLA request for an OCII report by Dec. 9) will be transmitted to the full Board for consideration.
