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Report regarding a resolution approving the first amendment to the loan agreement between Baden Station Investors, LLC and the City of South San Francisco to modify the terms of an existing $4,050,000 loan for the development of 36 affordable housing units at 428-432 Baden. (Nell Selander, Economic & Community Development Director)
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RECOMMENDATION
Recommendation
Staff recommends that City Council consider adopting a resolution approving the first amendment to the loan agreement between Baden Station Investors, LLC and the City of South San Francisco to modify the terms on an existing $4,050,000 loan for the development of 36 affordable housing units at 428-432 Baden. Adopting the resolution will ensure that the development is able to break ground this month, meeting their low income housing tax credit deadline to begin construction.
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BACKGROUND/DISCUSSION
Baden Station is a fully-entitled 36-unit 100% affordable housing project that is nearly ready to pull its building permit. Baden Station is comprised of two properties - 428 Baden and 432 Baden, which was an asset of the Successor Agency to the former South San Francisco Redevelopment Agency. In addition to being fully affordable, the project includes 18 units reserved for individuals with intellectual and developmental disabilities and features affordability levels of 30 to 60% of the Area Median Income (AMI) with an overall AMI average of 40% AMI (see Attachment 1 for AMI levels). The four-story building includes 23 parking spaces in the ground floor. Upon commencement of construction, these affordable units will count toward the City's 2023-2031 Regional Housing Needs Allocation (RHNA).
Originally envisioned as a market rate project by a previous developer, the project received a loan commitment of $4,050,000 from the City of South San Francisco in the fall of 2021 to assist with converting it to 100% affordable rental housing. The loan was envisioned in two parts, a $2 million short-...
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