September 5, 2024
Smitha Seshadri
Executive Vice President
BRIDGE Housing Corporation
600 California Street, Suite 900
San Francisco, CA 94108
Re: Letter of Intent to Commit Funding for the 1051 Mission Road Affordable Housing Project Dear Ms. Seshadri:
This Letter of Intent is provided to BRIDGE Housing (BRIDGE) as evidence of the City of South San Francisco's commitment to provide additional funding for the development of the approved affordable rental housing project at 1051 Mission Road in South San Francisco should the City be awarded State of California Local Housing Trust Fund (LHTF) Program funds. BRIDGE and its market rate development partners, L37/KASA, sought and were granted entitlements for the development of 800 units of housing, a 100-head childcare center, neighborhood serving retail, and publicly accessible open space in 2019. BRIDGE is responsible for the development of the affordable component of the project, 158 units – all affordable to households earning 60% or less of the area median income.
In support of the 1051 Mission Road affordable project, the City provided BRIDGE with a $2 million predevelopment loan from the City’s housing trust fund, funded by affordable housing impact fees on commercial development. BRIDGE drew upon this loan to support its entitlement application, building permit application, and preparation of funding applications. BRIDGE has since exhausted these funds and requires additional funding to continue to support predevelopment activities, such as infrastructure planning and design. At this point, the City wishes to grant BRIDGE additional funding and is applying for a State LHTF award to match its initial $2 million commitment to BRIDGE’s project.
Should the City be awarded LHTF funds, the City commits to granting at least $2 million of these funds to BRIDGE in support of the development of the 1051 Mission Road project, and in compliance with all LHTF Guidelines and 2024 NOFA requirements.
Sincerely,
Sharon K. Ranals
City Manager, South San Francisco
CITY COUNCIL 2024
JAMES COLEMAN, MAYOR (DIST. 4)
EDDIE FLORES, VICE MAYOR (DIST. 5)
MARK ADDIEGO, MEMBER (DIST. 1)
FLOR NICOLAS, MEMBER (DIST. 3)
MARK NAGALES, MEMBER (DIST. 2)
SHARON RANALS, CITY MANAGER