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Mayor’s housing office reports steady progress on 2015 bond and PAS preservation loans; pipeline totals cited
Summary
The Mayor’s Office reported that issuances of the 2015 housing bond are largely encumbered and being spent down, and that the 2016 PASS preservation program has invested roughly $27M with a robust $170M pipeline; members asked for clearer metrics tying bond spending to outcomes (units preserved/created).
Riley Catapang of the Mayor’s Office of Housing and Community Development updated the committee on the 2015 housing bond. Catapang said the third and final issuance of the 2015 bond occurred in October 2019. As of December 2019, the first issuance (October 2016) is 99% encumbered and 91% spent; the second issuance (May 2018) is 91% encumbered and 58% spent. The office expects the first and second issuances to be fully expended by the end of the current year, and projects from the third issuance to spend down through 2023 driven by a $25,000,000 allocation…
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