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Committee recommends $22.6 million loan, lease and revenue-note authorization for Golden Gate Apartments rehabilitation
Summary
MOHCD told the committee it will deliver a roughly $75 million rehabilitation of Golden Gate Apartments (1820 Post Street), a 72‑unit permanently affordable family property; the committee voted to send MOHCD’s loan and financing resolutions to the full Board with recommendation.
The Budget and Finance Committee on June 3 voted 3–0 to forward two resolutions to the full Board that would allow the city to enter a 75‑year ground lease and provide an amended and restated loan of up to about $22.6 million to Golden Gate Apartments LP (an affiliate of Chinatown Community Development Center) to rehabilitate Golden Gate Apartments at 1820 Post Street.
Claire Costres, project manager at the Mayor’s Office of Housing and Community Development (MOHCD), said the 72‑unit development is 100% affordable to families, includes 55 project-based Section 8 vouchers and units restricted to households at 60–90% of area median income. MOHCD presented a rehabilitation scope that includes exterior cladding and waterproofing, window and roof replacement, interior kitchen and bathroom work, accessibility improvements, sewer repairs and a phased tenant relocation plan funded by the project. Total project cost was presented as about $75 million, with MOHCD contributing approximately $22.6 million in reconfigured financing, $21.9 million in tax credit equity and other sources to close the gap.
The resolutions also authorize the issuance of multifamily housing revenue notes (up to approximately $18.7 million) to finance project work and approve related loan and regulatory documents. MOHCD said tenant relocation will be phased so tenants are temporarily relocated for no more than a year and will return by April 2028; construction is slated to start in July 2026 and finish in March 2028.
BLA staff recommended approval and noted MOHCD’s pro forma and 20‑year projections indicating the project can cover debt service. The committee moved both items to the full Board with recommendation (3 ayes). The financing and lease actions now go to the Board for a final vote. MOHCD and the borrower said they will coordinate tenant relocation logistics and tenant-protections measures during construction.
