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Committee forwards ground lease for 150 Otis to create 76 supportive studios for homeless veterans
Summary
The committee advanced a resolution to approve a ground lease of 150 Otis Street to 150 Otis Associates LP for an adaptive-reuse project to create 76 studio units targeted to homeless veterans; the item was forwarded as amended after a recusal and a sponsor-name typo was corrected.
The committee forwarded a resolution approving a ground lease of 150 Otis Street to 150 Otis Associates LP to develop 76 studio units of supportive affordable housing targeted to homeless veterans.
Judson True, representing Supervisor David Chu’s office, reported the building was formerly used for city offices and is being adapted to house veterans with on-site supportive services. True said the lease terms would ensure occupants pay no more than 50% of area median income for 55 years and that the original lease term is 70 years with an option to extend.
Joan McNamara of…
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