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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 to educator housing and other multi-year projects.
Jonah Lee presented on the 2016 PASS (preservation and seismic safety) program. He said the program repurposed $261,000,000 of remaining authority in 2016; an initial series of roughly $72M funded the program, and the office has invested almost $27,000,000 to date with a current pipeline of about $170,000,000. PASS financing aims to provide lower-cost, long-term loans (longer terms, lower rates) to preserve at-risk rental housing and to support seismic retrofits; Lee said the office has closed financing on projects totaling more than 100 units and expects the authority to support approximately 1,400 units across the full program.
Committee members pressed staff on outcome metrics: how the office ties money invested to units preserved or stabilized, loan-age and repayment flows, and whether programs track ongoing asset management after projects come online. Members requested standardized slides showing ‘‘what we said we would do’’ versus ‘‘what we actually did’’ (expected units vs. completed units, expenditures vs. budget) and asked for a clearer accounting of loan-repayment flows and the age/maturity of loans when reporting performance.
Why it matters: housing bond proceeds and PASS loans are a primary city tool for preventing displacement and preserving affordable housing. The committee asked staff to include standardized, outcome‑focused metrics in future reports so progress can be audited and compared to stated goals.
What’s next: Office staff said they will return with a more standardized template and additional financial-flow detail, including loan‑repayment treatment and the weighted-average age of originated loans.
