Urban housing firms grab $150M in grants - San Francisco Business Times:

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After a 12-hour marathon meeting June 20th Sacrament that drew hopeful housing builders from across the state’s Local Assistance Loan and Grant Committee hande out money set aside for urban infilk housing development under Propositiomn 1C, a $2.8 billion bond measure California voters approved in 2006. The moneyt allocated on Monday represents the last round of Prop 1C grantd and includes money for infill infrastructure as well as transit orientedxhousing construction. The state was scheduledc to announce the official grantwinners today. In total San Francisco developerz won seven state grantsworth $96 according to Craig deputy director of the Mayor’s Officse of Housing.
In contrast, during the last roune San Francisco developers won just one grangfor $5 million. Adelman credited Kyri McClellaj ofthe mayor’s economic developmenty staff, for coordinating the city applications. “It was said Adelman. “We hit this very hard and very earlyh in terms of coordinating across city agencies and with ourdevelopment partners.” The biggest Bay Area recipient was the John Stewartr Co.
, which received the maximun $30 million to help bankroll the ambitiousw 750-unit mixed-income housing development called Hunter View, a project that includew the rebuilding of a 267-unit dilapidated public housing The money will pay for everything from grading to utilities to a new street grid. Work will starty early next year onthe $300 millio development, which will be built in phases. “It’zs the whole underpinning for saidJack Gardner, president of the John Stewart Co. “Thie was the key piece of moneg we wererelying on. We needed it to happenn and it did.
” The Hunters View grang was the first state grant forSan Francisco’zs Hope SF program, the city’s effor to rebuild rundown public housing developments by joining with market-rate developeras and increasing density. “It was a big day for San for Hope SF, and for the Hunters View residents in A lot ofthe city’s housingt pipeline is going to get catalytidc funding.” , which is raisingg money to build 308 unitsx of rental housing in Rincon Hill, receivexd $11 million, much of which will go towardf a park the developer agreed to The developer did not receive anotherd $11 million transit-oriented developmentg Prop 1C grant it had applied for, but Emeraldc Fund President Oz Ericksonb said he is hopeful that money will come through after a 90 day evaluation Erickson said that they have a stronv case for the public benefits 333 Harrison will “Remember this is a projectg that includes 62 unitxs of deeply affordable housing for which our o ut of pocke costs are $21 million.
And we are providin g a park — our costs for the park are $9 Emerald could also receive federapl stimulus money for333 Harrison. The project was one of just a handfulpof private-sector stimulus requests recommended by Bay Area official to state authorities who will distribute much of California’sz share. One San Francisco developer that was not selected for a 1C granft isAvant Housing, a joint venture between and . Avant Housing officials had hopedr toreceive $5.7 million for a 194-unit complex at 1880 Missionb St.
“It was one piece of financinvg that would have made the puzzle less difficultt toput together, but there are a lot of piece s of this puzzle,” said Eric Tao, a executives vice president with AGI.