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Mayor’s office updates committee on 2015 affordable housing bond and PASS preservation lending program
Summary
City housing officials reported progress on the 2015 $310 million affordable housing bond and described the PASS preservation and seismic-safety loan program; members asked for clearer unit accounting, bond wording in reports and repayment projections for deferred loans.
City housing officials briefed the committee on the status of the 2015 affordable housing bond and the PASS (Preservation and Seismic Safety) financing program that offers below-market, long-term loans to preserve existing affordable rental buildings.
Rally Catapang, finance manager at the Mayor’s Office of Housing and Community Development (MOHCD), told commissioners the 2015 bond authorized $310 million. Two issuances have closed ($75 million and $142 million) and the office expects a final third issuance in late summer or early fall. Catapang said the bond funds are split across public housing, low-income housing (with a Mission District set-aside)…
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