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MOHCD updates oversight committee on 2015, 2016 and 2019 affordable‑housing GO bond programs
Summary
MOHCD told the Citizens General Obligation Bond Oversight Committee that the 2015 bond issuances are nearly spent, the 2019 first issuance ($254 million) is ~25% spent, and the 2016 PAS (preservation, acquisition, seismic safety) program has been used to preserve at‑risk affordable units with conservative underwriting and COVID-era forbearance measures.
The Mayor’s Office of Housing and Community Development (MOHCD) briefed the Citizens General Obligation Bond Oversight Committee on the status of the city’s 2015 and 2019 affordable‑housing general‑obligation (GO) bond programs and provided a detailed update on the 2016 preservation, acquisition and seismic safety (PAS) program.
Andrea Grammer (MOHCD) said the office uses GO bonds to provide loans to developers rather than to build city projects directly. She reported that the 2015 bond’s first two issuances were more than 97% spent as of December and are projected to be fully spent by the end of 2022; the third 2015 issuance (completed in October 2019) was about 30% spent and…
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