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Committee corrects clerical error and forwards $45.7M AHSC/ASEC agreement for Balboa Gateway
Summary
MOHCD asked the committee to approve corrected standard agreements with the California Department of Housing and Community Development under the AHSC/ASEC program for approximately $45.72 million for Building A at Balboa Reservoir; the correction fixes a NOFA date and staff said infrastructure work will begin this November.
The Budget & Finance Committee voted to forward a corrected resolution allowing MOHCD to execute standard agreements with the California Department of Housing and Community Development under the Affordable Housing and Sustainable Communities (AHSC/ASEC) program for a total award of approximately $45.72 million.
Andrew Strong (MOHCD) said the resolution corrects a clerical error in the previously adopted Board file — updating the NOFA date to Jan. 30, 2023 — and that the correction came at HCD’s request. The award includes a $33 million loan to Balboa Gateway LP for a 100% affordable project (Building A) and approximately $12.7 million in grant funds to the city for public transportation and streetscape improvements.
MOHCD provided an update on Balboa Reservoir progress: infrastructure for the first two affordable buildings is set to begin in November; Building E closing anticipated Nov. 5 and Building A construction start targeted for February 2026 with completion in 2028. The committee forwarded the corrected resolution to the full Board.
