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Mayor's housing office explains reallocations, unit reductions and cost pressures on 2015 affordable housing bond
Summary
The mayor's housing office told the committee it reallocated funds within the $310 million 2015 affordable housing bond after site due diligence found geotechnical and seismic risks at one parcel; officials also cited rising construction costs and federal tax changes that reduced per-unit equity.
Kate Hartley, director of the Mayor's Office of Housing and Community Development, briefed the committee on progress and recent reallocations under the city's $310 million 2015 affordable housing bond. Hartley said the bond's first issuance ($74 million) is about 93% expended and that the office moved funds previously earmarked for 250 Laguna Honda to senior housing at 1296 Shotwell and shifted other allocations (4840 Mission) to family housing at 88 Broadway.
Hartley told the committee the Laguna Honda site…
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