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Board approves $15M tax-exempt bond allocation and air-rights lease for Transbay Block 6 affordable housing
Summary
The Board authorized MOHCD to issue up to $15 million in tax-exempt bonds and approved a long-term air-rights lease to develop 70 affordable housing units at Transbay Block 6, to be built by Mercy Housing California. The board also accepted related developer payments that will be applied as gap subsidy for Block 6 and Block 7.
The Board of Supervisors on May 6 approved resolutions authorizing the issuance of approximately $15 million in tax-exempt conduit bonds to finance construction of a 70-unit affordable family housing development at Transbay Block 6 and approved a long-term air-rights lease for the parcel to Mercy Housing California.
Supervisor Kim described the project as a key component of the larger Transbay redevelopment and noted the city's requirement—under state law—for 35 percent of new Transbay-area housing to be affordable. She said Block 6 is a mid-rise building sharing a podium with a market-rate tower under…
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