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Mayors housing office: 2015 affordable housing bond nearly spent; Prop C to repurpose Prop A funds for preservation
Summary
The Mayors Office reported the 2015 affordable-housing bond first issuance is largely encumbered and spent and outlined a Prop C program (repurposed Prop A funds) with an anticipated initial issuance of about $75 million and an early pipeline of projects.
Benjamin McCloskey, deputy director for finance and administration at the Mayors Office of Housing and Community Development, told the committee that the first issuance of the 2015 Affordable Housing GO Bond is largely encumbered and that spending is progressing in a timely manner.
McCloskey said more than 94% of first-issuance funds were encumbered and about 76% had been spent as of Sept. 30, 2018, with staff projecting the first…
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