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Supervisors approve up to $48.1 million multifamily housing revenue bond for 1180 Fourth Street project
Summary
The board adopted a resolution authorizing issuance and delivery of multifamily housing revenue bonds not to exceed approximately $48.1 million to finance acquisition and construction of a 150‑unit rental project at 1180 Fourth Street.
The Board of Supervisors voted to approve a resolution authorizing the issuance and delivery of multifamily housing revenue bonds in an aggregate principal amount not to exceed approximately $48,100,000 to finance acquisition and construction of a 150‑unit multifamily rental project known as 1180 Fourth Street Family Housing.
The resolution was presented as item 11 and was adopted on a roll‑call vote recorded as 11 ayes. The file summary described the bond issue as tax‑exempt multifamily housing revenue bonds to support project financing; board members gave no extended debate during the roll call.
The approval allows the issuer (city authority) to proceed with bond issuance mechanics in accordance with the project's financing plan; specific borrower, bond counsel, and closing dates were not specified in the board record and will be determined through the issuer's standard transactional process.
The adopted resolution directs staff to proceed with issuance within the authorized not‑to‑exceed amount and includes standard conditions for multi‑family bond financings, including compliance with applicable state affordable‑housing requirements and financing covenants.
