Title
Report regarding adoption of a resolution approving MidPen Housing Corporation's recapitalization and renovation plans for the Greenridge and Willow Gardens affordable housing communities, designate reimbursed property tax payments for reinvestment into the project, and authorize the City Manager to execute agreements and loan documents necessary to consummate such loan and fee payments on behalf of the City of South San Francisco. (Deanna Talavera, Management Analyst II)
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RECOMMENDATION
Recommendation
Staff recommends that City Council approve MidPen Housing Corporation's recapitalization and renovation plans for the Greenridge and Willow Gardens affordable housing communities, designate reimbursed property tax payments for reinvestment into the project, and authorize the City Manager to execute agreements and loan documents necessary to consummate such loan and fee payments on behalf of the City of South San Francisco (City).
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BACKGROUND
In 2020 MidPen Housing Corporation (MidPen) approached the City with a request to approve restructuring of the City's debt and subordination of the City's loans for the purpose of recapitalizing and renovating their Willow Gardens and Greenridge properties (collectively referred to as "Willow Greenridge"), which are in need of significant capital improvements and repairs. The proposed resyndication plan was brought to the City Council in Closed Session on January 22, 2020, where staff was directed to negotiate the terms of the loan and subordination agreements with MidPen Housing. Approval of the agreements today will not only extend the affordability restrictions another 55 years, but the reinvestment will provide the residents access to efficient, safe, and secure affordable housing.
Willow Gardens
In 1999, the former South San Francisco Redevelopment Agency (RDA) provided financing to assist MidPen in acquiring and assembling nine parcels over a six-year period, with a total of 36 units. The goal was t...
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