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Board approves bond package to fund AIMCO Bayview/Hunters Point rehabilitation, includes tenant protections
Summary
Supervisors adopted resolutions authorizing tax-exempt bonds for rehabilitation of several AIMCO-owned low-income housing complexes in Bayview Hunters Point, with rent protections, prevailing-wage and oversight commitments tied to a previous settlement with the city.
The San Francisco Board of Supervisors adopted a series of resolutions on Aug. 15 authorizing the issuance and sale of tax-exempt revenue bonds to finance rehabilitation of multiple AIMCO-owned rental properties in Bayview Hunters Point.
Supervisor Sophie Maxwell, who led the discussion, told colleagues the actions implement terms of a 2004 settlement between the city and AIMCO that required substantial rehabilitation of substandard conditions at properties on Hunters Point Hill and a $1 million contribution to a new Boys & Girls Club. "These long overdue renovations will provide tangible benefits to the existing tenants and the Bayview Hunters Point community," Maxwell said.
The resolutions approve bond allocations in amounts the clerk read into the record: up to $23,000,000 for All Hollows Apartments; up to $21,000,000 for Bayview Apartments; up to $20,000,000 for LaSalle Apartments; and up to $21,000,000 for Shoreview Apartments. The board also approved separate authorizations for two Alabama Street projects'a "Senior" and "Family" apartments'with maximum principal amounts identified in the clerk's announcements.
Maxwell said the bond actions include important tenant protections agreed as part of the earlier settlement: project-based rent set at 30% of tenants' incomes so long as federal programs remain in place; a promise against evictions or rent increases tied to the bond approvals; participation requirements for AIMCO on prevailing wage, equal benefits and minimum compensation; and creation of a citizen oversight body to maintain resident communication during rehabilitation.
Representatives from the Redevelopment Agency and AIMCO (Olson Lee and Michael Martin were listed as present) were on hand to answer questions. With no additional questions from supervisors, "same house, same call" votes adopted the resolutions.
Ending: The bond approvals aim to fund renovations across approximately 640 units of low-income housing in Hunters Point Hill and lock in a set of protections intended to preserve affordability and create local hiring and wage requirements tied to the rehabilitation work.
