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LAFCO hears update on San Francisco Green Bank planning and municipal housing study; staff asked to return with financing options
Summary
The commission received an update on reinvestment working group plans for a Municipal Financial Corporation (Green Bank), precursor funding needs, expected capitalization scenarios and a municipal housing study RFP. Commissioners requested a report outlining financing tools and next steps for Green Bank formation.
Acting Executive Officer Khalid Samrai told the Local Agency Formation Commission on Sept. 19 that LAFCO is supporting city efforts to form a Municipal Financial Corporation (MFC) that could serve as a San Francisco Green Bank and public bank.
Samrai summarized the reinvestment working group’s estimate of pre-opening funding needs, operational capitalization, and early lending outputs. He said pre-opening funding — to hire a professional banker or “green bank coordinator,” finalize articles of incorporation and related documents, and present a completed entity for board approval — is estimated at between $1,300,000 and $2,600,000.
If the entity is approved and registered, Samrai said the MFC…
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