Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City staff report major spending and remaining balances on 2015, 2016 and 2019 affordable housing bonds
Summary
Mayor's Office of Housing and Community Development reported the 2015 $310M affordable housing bond is more than 95% spent (as of Dec. 2023); the 2019 $600M bond is over 70% spent/encumbered and staff plan a third issuance before end of 2024. The 2016 PASS program offers long-term loans for preservation; ~$98M remained for preservation.
Andrew Grama, finance director at the Mayor's Office of Housing and Community Development, told the committee the city's affordable housing general obligation programs are largely being spent down and will remain a central funding source for preservation and new units.
"This was a $310,000,000 bond passed in November 2015. We have completed all 3 issuances and are more than 95% spent as of December 2023," Grama said during the presentation. He said the 2019 bond, passed in November 2019 for $600,000,000, has completed two issuances and is "more than 70% spent and encumbered" across those issuances, with a third issuance being planned and expected to be completed before the end of 2024.
Why it matters: the bonds subsidize…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
