Committee advances MOHCD loan for 249 Pennsylvania and four senior operating-subsidy contracts

The Budget and Finance Committee forwarded several housing items from the Mayor’s Office of Housing and Community Development (MOHCD) to the full Board.

Item 6 authorizes loan documents for up to $13,000,000 to finance acquisition and predevelopment for 249 Pennsylvania (acquired October 2023 using third-party financing) led by Tenderloin Neighborhood Development Corporation and Young Community Developers. Anne Romero, senior project manager at MOHCD, said the site is expected to produce roughly 120 family units, with construction anticipated in 2026 and occupancy in 2029. The committee adopted a technical amendment correcting the split between acquisition and predevelopment funding lines and forwarded the item.

Items 7–10 propose senior operating subsidy (SOS) grant agreements to provide long-term project‑based operating subsidies for extremely low‑income senior housing (units at or below 30% AMI). MOHCD’s Sheila Nicholas said four contracts (including a modification for 1296 Shotwell and new contracts for 4200 Geary, Transbay Block 2 West and 1005 Powell/Chinatown SROs) total about $37,889,372 and will support about 160–165 units over 11–15½ year terms. The funding is primarily from the state’s Permanent Local Housing Allocation program and existing SOS funds. The committee forwarded the contracts with a positive recommendation.