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Committee backs Homekey Plus awards and city match for 1035 Van Ness and 835 Turk projects

San Francisco Board of Supervisors Budget and Finance Committee · December 3, 2025

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Summary

The committee forwarded four resolutions tied to Homekey Plus awards for two preservation projects: 1035 Van Ness (veterans supportive housing) and 835 Turk (permanent supportive housing), including accept-and-expend grants, loans/grants, and a long-term ground lease for 835 Turk. The city will commit capital and operating subsidies.

The Budget and Finance Committee on Dec. 3 voted to forward four resolutions tied to two Homekey Plus preservation projects: 1035 Van Ness (to be operated by Swords to Plowshares/10 35 Vets LLC) and 835 Turk (to be managed by 5 Keys Schools and Programs).

For 1035 Van Ness, formerly an assisted living facility, HSH described plans to rehab the nine-story building into roughly 124 units of permanent supportive housing for veterans, with construction anticipated to begin in January 2026 and complete in July 2026. The Homekey Plus award totals about $39,000,000 (split between state disbursement to the project sponsor and $3,000,000 to the city for rehabilitation), with the city committing about $8,000,000 in capital and five years of operating subsidy plus 15 years of Local Operating Subsidy Program (LOSP) support. BLA said total development costs average about $334,000 per unit; the city’s direct funding per unit is comparatively low because of the large Homekey award.

For 835 Turk, a city-owned property, HSH said the Homekey Plus award is about $17.3M with the city committing roughly $16.3M in matching funds. The project anticipates 106 units after rehabilitation, including six new ADA units, seismic and building-system upgrades, a 55-year ground lease to 5 Keys at $1 rent, and city loans/grants to support the rehab. BLA noted higher per-unit rehabilitation costs (~$400,000/unit) driven by the building’s age and condition and estimated ongoing rental-subsidy costs of about $1.8M/year.

HSH and BLA recommended approval. No public speakers addressed items 5–8; the committee voted 3–0 to forward the resolutions to the full Board with a positive recommendation.