The City and County of San Francisco approved a resolution authorizing a Loan Purchase Agreement for the acquisition and rehabilitation of 1000 Sutter Street, a 214-unit single-room occupancy residential building. This project is designated for permanent supportive housing aimed at homeless households, with the rehabilitation supported by a loan amount not to exceed $71,125,575. The project is a key part of the city’s broader strategy to provide permanent housing solutions for vulnerable populations.
This loan agreement is crucial for addressing homelessness in San Francisco by providing necessary funding to rehabilitate and maintain a significant number of permanent supportive housing units. The project aligns with the city's long-term goals of reducing homelessness and providing stable housing for those in need.