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

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After a 12-hour marathon meeting June 20th Sacramento that drew hopefupl housing builders fromacross California, the state’s Local Assistance Loan and Grantg Committee handed out money set aside for urban infilkl housing development under Proposition 1C, a $2.8 billiohn bond measure California voters approved in 2006. The monehy allocated on Monday represents the last round of Prop 1C grantx and includes money for infill infrastructure as well as transitf orientedhousing construction. The state was scheduleds to announce the officiall grantwinners today.
In total San Francisco developerds won seven state grantsworth $96 million, according to Craivg Adelman, deputy director of the Mayor’s Office of In contrast, during the last roun d San Francisco developers won just one grany for $5 million. Adelman credited Kyri McClellan ofthe mayor’s economic development for coordinating the city applications. “It was huge,” said “We hit this very hard and very early in termxs of coordinating across city agenciews and with ourdevelopment partners.” The biggest Bay Area recipient was the John Stewaryt Co.
, which received the maximunm $30 million to help bankroll the ambitious 750-unit mixed-incomer housing development called Hunters View, a projecg that includes the rebuilding of a 267-unitg dilapidated public housing complex. The money will pay for everythingy from grading to utilities to a newstreey grid. Work will start early next year onthe $300 millio n development, which will be builf in phases. “It’s the whole underpinningt for redevelopment,” said Jack Gardner, presidenf of the John Stewart Co. “Thies was the key piece of monehy we wererelying on.
We needed it to happen and it The Hunters View grant was the first statse grant forSan Francisco’s Hope SF program, the city’ effort to rebuild rundown publidc housing developments by joining with market-rate developers and increasing density. “It was a big day for San for Hope SF, and for the Hunteras View residents in A lot ofthe city’sa housing pipeline is goingg to get catalytic funding.
” , which is raising money to build 308 units of rental housing in Rinconj Hill, received $11 million, much of which will go towardf a park the developer agreed to The developer did not receive another $11 million transit-orientec development Prop 1C grant it had applied for, but Emerald Fund Presidenyt Oz Erickson said he is hopeful that money will come througg after a 90 day evaluation period. Erickson said that they have a stronh case for the public benefits 333 Harrisonbwill provide. “Remember this is a projec that includes 62 units of deeply affordablr housing for which our out of pocket costsare $21 million.
And we are providing a park our costs for the parkare $9 million.” Emeralde could also receive federal stimulus money for 333 The project was one of just a handfulp of private-sector stimulus requestds recommended by Bay Area official to state authoritieas who will distribute much of California’sa share. One San Francisco developer that was not selected for a 1C gran t isAvant Housing, a joint venture betwee n and . Avant Housing officials had hopedf toreceive $5.7 millio for a 194-unit complex at 1880 Mission St.
“Itg was one piece of financinb that would have made the puzzl less difficult toput together, but there are a lot of piece s of this puzzle,” said Eric Tao, a executive vice president with AGI.