Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
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 the mayor's office of housing described the project’s financing structure and timeline. She estimated about $30,000,000 in total development costs and said the sponsors expect roughly $15,000,000 in low income housing tax credit equity. McNamara called the city a gap financier that supplies funding after sponsors secure other sources and said the tax-credit application deadline is in early July.
"So right now, the project, if all goes as projected, is funded," McNamara said, but she also cautioned the funding is contingent on a competitive state tax-credit allocation. She added the ground lease provides the site control milestone required by that application.
Leon Winston, chief operating officer of Swords to Plowshares, said the project targets senior homeless veterans, noting veterans are "an over represented subset of the homeless population" in San Francisco. He said all units will be adaptable to allow residents to age in place and that Swords and the U.S. Department of Veterans Affairs will partner on on-site services.
Supervisor David Chu moved to recuse Supervisor Daley from Item 1 because Daley lives within 500 feet of 150 Otis; the committee approved the recusal without objection. After public comment was opened and none spoke, Supervisor Chu moved a small textual amendment to correct the sponsor name to "Chinatown Community Development Center" and then moved the item forward as amended; the chair supported the motion and the committee forwarded the ground-lease resolution as a committee report.
The committee did not record a roll-call vote in the transcript. Several staff and sponsors emphasized that final financing remains contingent on a successful state low income housing tax credit allocation.
