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Affordable Housing on Eddy Ready for a Post-Fire Renovation

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Today the Board of Supervisors will vote on approving the sale of 201-229 Eddy from the Tenderloin Neighborhood Development Corporation to the city. The TDNC bought the building back in 1989, but it suffered from major fire damage back in 2011. It's a complicated purchase agreement, but basically the TDNC still owed on loans to the city and Redevelopment Agency from back when they first bought and fixed up the building, so instead the city is buying it back at a reduced rate of $4.2M. TDNC will still manage it as low and very low income affordable housing. The Franciscan Towers building, formerly known as the Hotel Clark, was designed by Henry H. Meyers (of Posey Tube fame) and is a contributor to the Upper Tenderloin National Register Historic District. The fire damage in 2011 forced evacuation of the whole building, but permits were issued last month for renovations to all the units and a new ground floor storefront. The Supes have the final approval of the sale and transfer agreement, but the Budget and Finance Committee already gave it their unanimous support.
· Real Property Purchase and Sale Agreement - 201-229 Eddy Street [SF BOS]
· Franciscan Towers [TDNC]