The San Francisco Board of Supervisors approved a resolution authorizing the execution of a multifamily housing revenue note for the Golden Gate Avenue Phase 1 LIHTC project, consisting of 55 multifamily rental units for low- and very low-income families. The note issuance, with a principal amount not exceeding $32,132,689, includes a funding loan agreement, borrower loan agreement, regulatory agreement, and related documents to facilitate financing and oversight of this development. The project aims to provide essential affordable housing and was ratified with back-to-back loan structures.
This financing arrangement supports affordable housing development, enhancing housing stability and providing critical rental units for low- and very low-income families in San Francisco.