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Bond oversight committee gets updates on 2015, 2016 and 2019 affordable housing bonds; public presses for 2019 project list
Summary
MOHCD told the Citizens GO Bond Oversight Committee that the 2015 bond is nearly spent, 2016 preservation loans are active with limited COVID forbearance, and the first issuance of the 2019 bond is closing; a public commenter and liaison pressed for a published list of 2019 bond projects and senior-housing locations.
Raleigh Katapan, finance manager at the Mayor’s Office of Housing and Community Development (MOHCD), told the Citizens General Obligation Bond Oversight Committee on March 29 that spending from the 2015 Proposition A housing bond is substantially complete and that the city is preparing to put the first issuance of the 2019 housing bond into the market.
Why it matters: The committee provides independent oversight of whether bond funds are spent in line with ballot measures. Members and callers repeatedly sought a publicly available list of the projects the 2019 bond will fund, and pressed MOHCD for more transparency on where senior-housing set-asides will be located.
MOHCD’s update and spending status MOHCD said the 2015 bond (Proposition A, $310,000,000) had three issuances and, as of December 2020, staff reported 98% of the first issuance and 93% of the second had been spent; 12% of the third issuance had been expended, with spending expected to accelerate in 2023. Katapan cited developments…
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