San Francisco Begins First Phase of RAD Public Housing Initiative

November 24, 2015 

 

San Francisco Begins First Phase
of RAD Public Housing Initiative

 

Monday, November 23, 2015 marked the closing of the financing for the last of the 15 properties in the first phase of San Francisco’s ambitious program to revitalize its public housing properties through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. This was also the date on which ownership of the 15 properties (but not the land) officially transferred to eight owner/developer teams who are now charged with beginning rehabilitation of the 1,422 apartments by the end of 2015. A second phase of SF RAD consisting of 2,044 apartments in an additional 14 properties is scheduled to close and begin renovations in late 2016. Together the two phases of SF RAD will mean over $1 billion in net new funding resulting in approximately $750 million in improvements to outdated buildings that make up the bulk of San Francisco’s public housing. [For more on the background of the SF RAD initiative, click here.]

 

The SF RAD effort has required intensive collaboration, ambitious funding commitments, and innovative financing approaches from the organizations involved including HUD, the San Francisco Mayor’s Office of Housing and Community Development (SFMOH), the San Francisco Housing Authority (SFHA), the developer teams rehabilitating and managing the properties, the California Housing Partnership Corporation (CHPC) and the project’s equity investor and lender, Bank of America Merrill Lynch (BAML).

 

City Stretches Resources Through Innovative Financing Plan

 

As the scope of the long-deferred rehabilitation needed on San Francisco’s older public housing buildings emerged, it became clear that funding well beyond what RAD could provide was necessary to meet the properties’ physical and operating needs. With input from CHPC and HUD and the support of the Housing Authority, SFMOH took a number of critical steps including:

  1. Converting a number of the public housing buildings to voucher funding using the combined authorities of RAD and Section 18 of the United States Housing Act of 1937.
  2. Project-basing 1,587 new vouchers created through the RAD and Section 18 conversions, enabling the portfolio to leverage an estimated $265 million in new private debt for both phases.
  3. Capturing the tax credit value of the existing buildings combined with the value of the $756 million in estimated renovations, results in estimated net equity investments of approximately $750 million in federal 4% Low Income Housing Tax Credits for both phases.
  4. Soliciting lender and investor bids for the entire Phase I portfolio, which has already resulted in BAML committing $285 million in equity for Phase I based on outstanding pricing of $1.23 for each $1.00 of tax credits.
  5. Committing up to $90 million of City funds to fill the remaining gaps, with $39 million for Phase I as shown in the table below.

San Francisco is the first jurisdiction to use the portfolio approach allowed under RAD 2.0 in combination with project-based vouchers and RAD funding based on each property’s financial needs. CHPC worked extensively with SFMOH, HUD, SFHA, and the eight development teams to align funding resources with rehabilitation scopes while assembling the financing. Dave Kiddoo, Senior Housing Finance Consultant at CHPC and primary advisor and day-to-day manager of the SF RAD financing plan, commented “The process of using RAD in these new and untested ways required all parties to operate outside their comfort zones, with an immense amount of cooperation and good will needed to make the plan work. In the end, HUD demonstrated just enough flexibility to make RAD work for San Francisco while still staying within statutory and regulatory limits. SFMOH and the developer teams dealt remarkably well with the challenges of HUD regulations and processes they had never had to work with before,  especially related to the financing and conversion of public housing. Tenants and advocates dealt with intense fear and anxiety about the changes but successfully negotiated workable protections with the City and the developers guaranteeing their right of return and retention of their rights more broadly. It was a great collaborative effort.”

 

Portfolio Approach to Selecting Investor and Lender for SF RAD Phase I

 

Bank of America Merrill Lynch (BAML) emerged as the successful bidder out of SFMOH’s innovative portfolio debt and equity bidding process. BAML’s highly competitive proposal included a portfolio-wide price of $1.23 per dollar of 4% federal tax credits, $20 million in subordinate forgivable debt, and a huge volume of competitively priced construction and permanent tax-exempt bond debt, with the permanent bonds subsequently purchased by Freddie Mac. Ari Beliak, Vice President of Community Development Banking at BAML, explains that SF RAD was a uniquely appealing investment for a number of reasons: “First and foremost was the immense impact that SF RAD would have on San Francisco and its residents; second was the significance of San Francisco from a business and community investment standpoint; third was that the size made it a highly efficient way to achieve a large impact; and finally the complexity made it a challenge but also a historic opportunity.”

 

SF RAD Portfolio Phase I Sources and Uses of Financing

Table

 

Working with Tenants to Ensure Smooth Transition and Temporary Relocation

 

SFMOH and SFHA worked to address tenant concerns by organizing numerous tenant meetings and providing additional services. The development teams and service providers also conducted extensive on-site outreach. Each site had working groups made up of tenants, property managers, advocates, and the development team to familiarize tenants with new leases, create new house rules, share information on temporary relocation, and establish tenant governance. Ann Griffith, Senior Program Director at Enterprise Community Partners helped engage this diverse group of stakeholders in a successful process. Temporary relocation in San Francisco’s extremely tight and expensive rental market relies in part on vacant units in SF RAD Phase II buildings. SFMOH provided funding to repair these vacant units so that they would be habitable interim housing during Phase I rehabilitation. SFHA and SFMOH also launched a vigorous campaign to encourage tenants to add all resident family members to their leases, ensuring that all residents would be able to remain when new management took over.

 

READ ON for highlights of specific properties benefiting from SF RAD…

 

For more information about the California Housing Partnership, please visit our website at www.chpc.net. 
Thank you to the generous supporters of our
2015 GREEN Affordable Housing Preservation and Production Program.

#GivingTuesday

BVHPMSS

 

 

 

#GivingTuesday

Elder 1

Join the Movement & Give Back

December 1st, 2015

We have a day for giving thanks. We have #BlackFriday and #CyberMonday for getting deals. Now, we have #GivingTuesday, a global day dedicated to giving back.

During this holiday season, we give thanks to our supporters who have donated their time and money to help seniors all year long.

Bayview Senior Services believes that after a lifetime spent providing for families and contributing to the community, elders deserve a safe home and community with access to consistent and reliable healthcare, wholesome nutrition, opportunities for active social involvement, and the kind of personal security and comfort necessary to ensure dignity, honor, and respect in their later years.

Elder 2

We invite you, your friends, your family, or your organization to join the movement and give back to your elders on December 1st!

By giving through Bayview Senior Services, you have the opportunity to personally impact the life of a senior who would appreciate knowing that someone cares about them.

 

Elder 3

 

Click here to give a donation in honor or in memory of someone special in your life: an elder, a spouse, a friend, or a grandparent.

Join the movement and give on December 1st!

 

 

 

Thank You & Happy Holidays

BVHPMSS 2

1706 Yosemite Ave, San Francisco, CA 94124

(415) 822-1444

bhpmss.org 

The White House’s TechHire Initiative

The White House recently announced the TechHire Initiative with the intent to create pathways to better, well-paying tech jobs and meeting urgent employer demands across the United States.

 

This is an excellent opportunity to receive support to take action and collaborate with public and private employers (nationally and locally) to expand access to tech jobs. For more information, please click here.

Neighborhood Preference: Thank You & More Work to be Done!

If you have not heard – neighborhood preference passed this afternoon at the Board of Supervisors at 40%!

 

Thank you so much to everyone that was able to make it out to city hall week after week for the last two months to make your voices heard. Thank you to everyone who wrote a letter, sent an email or made a call, I cannot begin to tell you how critical your presence and voices were in moving this legislation forward.

 

Getting this legislation passed was not easy and it is only because we were able to stick together and organize as a community to speak with one loud and strong voice that we were finally heard. 

 

As difficult as this was it was only half of the battle. The next step is to make sure that our community knows about available affordable units and that we submit applications for the units. We will be in touch about how you might be able to help with that in the very near future. for today we can rejoice in a well deserved and hard earned victory today.

 

I personally thank you and Supervisors Cohen and Breed also thank you for the support.

 

Timeline:

11/17 – 1st reading at Board of Supervisors (passed today at full BoS 9-2 vote – Supervisors Tang and Mar voted against)

12/1 – 2nd Reading at BoS (every City ordinance must be voted on twice by the Board before it becomes law)

1/1/16 – legislation is implemented

 

 

Regards,

 

Mawuli Tugbenyoh & Zach McRae

The Shipyard Updates

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WEBSITE   |   MISSION   |   SERVICES   |   EVENTS   |   CONTACT

The Shipyard Updates!

 Lennar Shipyard
We are excited to announce that 16 New Affordable Homes are now up for sale at The San Francisco Shipyard!  In order to qualify, buyers’ household must earn no more than 80% of the 2015 San Francisco Average Median Income (AMI):

The maximum Income amount by household size is derived from the Unadjusted Area Median Income (AMI) chart

For example:

A one person household can make no more than $57,100

A two person household can make no more than $65,200

A three person household can make no more than $73,350

A four person household can make no more than $81,500

A five person household can make no more than $88,050

A six person household can make no more than $94,550

A seven person household can make no more than $101,100

Over the next 10-15 years, the Shipyard will be adding approximately 12,000 new homes and 30% of them will be affordable to ordinary working folks like us! This is very exciting considering the rise in the city’s housing cost and the impacted need for affordable housing. Currently, the income limit is up to 80% AMI, but additional plans are in the works to add homes affordable for households earning up to 120% AMI!

Shipyard TownhomesShipyard Townhmes 2

 The Shipyard Open House! 

Good news!

There will be 3 Open House tours available between now and the application deadline of December 10th.

Dates/Times:

Wednesday November 4th, 5-8 pm

Saturday, November 21st, 11am-3pm

Thursday, December 3rd, 5-8pm

Location:

11 Innes Court, SF 94124

For more information: 

Contact Sales Associate Susie Hui (415) 539-8734 or

susie@thesfshipyard.com

But wait, there’s more!

 

The Shipyard Cleanup Program Quarterly Update

 

As most of us know, there have been major clean up efforts in the Hunters Point Naval Shipyard (HPNS) community. The Navy provides monthly updates of The Shipyards Cleanup Program Achievements!

 

Click here to read the article

 

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SFHDC   |   San Francisco, CA 94707   |   (415) 822-1022   |   info@sfhdc.org

Resilient Bayview November 2015 Newsletter

Resilient Bayview

Resilient Bayview Newsletter 

November 2015

In This Issue

RBV Disaster Action Planning Summit: 3rd Street Corridor

8th Annual NEN Awards

Upcoming RBV Meetings

 

A Very Successful RBV Disaster Action Planning Summit!

 

 

On Wednesday morning, October 21st, leaders across the Bayview community came together for the first RB Pever RBV Disaster Action Planning Summit: 3rd Street Corridor. Nonprofit Organizations, Faith-Based Leaders, Private-Sector Partners, and various representatives across San Francisco’s city agencies gathered at Bayview YMCA to participate in the “Run Your Resilientville” exercise. The goal of the exercise was to raise our community’s awareness of the likely challenges and community stressors we could face and then identify achievable goals we can pursue moving forward so we respond to whatever comes our way. This scenario-based activity includes asset-mapping and needs assessment components that drive participants to map-out resources that are currently available in the Bayview community should a disaster strike, as well as identify anything that the community may be lacking as they navigate the scenario’s mitigation and recovery processes.

The outputs from this exercise will inform the priorities of the Resilient Bayview team moving forward and will help to shape new components of the RBV’s Resilient Action Plan in 2016. For more information on the Resilient Action Plan, visit our website at: http://empowersf.org/resilientbayview/

RB 1RB 2

 

 

 

 

 

RB 3RB 4RB 5

 

 

 

 

 

 

 

 

A special thanks to Bayview YMCA for hosting the event, RBV Leaders for facilitating table activities and sharing their stories,SF CARD for their leadership throughout the summit, and the entire

Bayview Community for participating in this exercise and welcoming us to the community. The Summit would not have been such a wonderful success without all of your support! 

8th Annual NEN Awards!

 

On January 27th, 2015 San Francisco residents and community leaders will join together at City Hall to celebrate the 8th Annual NEN Awards. The stories and projects led by some of the City’s most engaged and dedicated individuals contributes to the ever growing sense of community and opportunity in San Francisco.

We need your help selecting this year’s winners! This year’s NEN Awards categories are:

  • Best Green Community Project
  • Best Neighborhood Watch Group
  • Best GraffitiWatch Volunteer Award
  • Best Community Building Event
  • Best Community Challenge Grant Project
  • Best Merchant Assoc / BID of the Year Award
  • Comeback Neighborhood of the Year
  • Neighborhood Youth Leadership Award
  • Most Empowering City Employee of the Year Award
  • NERT Leadership Award
  • Outstanding Park Volunteer Group
  • The NEN Lifetime Achievement Award
  • The NEN Hall of FameCity Hall Purp

As is the NEN Awards tradition, we need you to help us select the winners. So visit the link below and nominate the organizations, and projects, that you feel deserve to be recognized with a NEN Award. The nomination window closes at 5pm on December 4th, so don’t delay – submit your recommendations today.

Click here to nominate!

To learn more about the NEN awards, click here!

To learn more about this event , contact Daniel Homsey at daniel.homsey@sfgov.org

Upcoming Resilient Bayview Meetings

 

A priority of Resilient Bayview is to foster an inclusive and transparent information-sharing process. As such, we encourage Bayview community members, stakeholders, partners, and interested parties to attend upcoming Resilient Bayview Working Group Meetings.

 

 

The Resilient Bayview Working Group meeting(s) scheduled for November are as follows:

 

Meeting: Resilient Bayview Strategic Planning Meeting

Date: November 18th, 2015

Time: 10:00am-12:00pm

Location: Bayview YMCARB 6

 

These meetings, along with their specific time and location, are updated and available for view by visiting the website:

http://empowersf.org/resilientbayview/

 

For more information about these meetings, please contact Amanda Trescott.

That’s all for this edition of the Resilient Bayview newsletter. Please visit our website to learn more about Resilient Bayview. We look forward to hearing from you and if you want to spread awareness about how your work relates to Resilient Bayview, please email Amanda Trescott. For the latest Resilient Bayview and NEN updates we welcome you to follow us on twitter @nentweet, and like us on facebook at empowernow.

 

Neighborhood Empowerment Network | | daniel.homsey@sfgov.org | http://www.empowersf.org
1 Dr. Carlton B. Goodlett
Room 401
San Francisco, CA 94102

Save the Date!!! SF Financial Planning Day

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WEBSITE   |   MISSION   |   SERVICES   |   EVENTS   |   CONTACT

San Francisco Financial Planning Day is almost here!

Are you registerd???

Save the Date: November 7th, 2015

MOHCD
 

Do you need free expert advice about money?

Come to San Francisco Financial Planning Day Saturday, November 7th and get answers to your personal finance questions. Certified Financial Planners and Credit Counselors are volunteering to offer free one-on-one counseling and financial workshops throughout the day. The event is free and open to the public.

Date and Location:

Saturday, November 7, 2015

9:00 am – 4:00 pm

San Francisco Main Public Library

100 Larkin Street
Please click here for more information and to reserve your spot today.

Thank you.

San Francisco Mayor’s Office of Housing and Community Development

415-701-5500; 415-701-5503 (TDD)

http://www.sfmohcd.org

 L  T  F

 

SFHDC   |   San Francisco, CA 94707   |   (415) 822-1022   |   info@sfhdc.org