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OCII approves MOU to transfer roughly $8.25 million in tax‑exempt bond proceeds to Mayor’s housing office
Summary
The Commission on Community Investment and Infrastructure voted Nov. 17 to authorize a memorandum of understanding to grant up to about $8.25 million in pre‑2011 tax‑exempt bond proceeds to the Mayor’s Office of Housing and Community Development for elevator repairs at nine public‑housing sites and rehabilitation of nonprofit-owned affordable housing.
The Commission on Community Investment and Infrastructure on Nov. 17 voted to authorize a memorandum of understanding with the Mayor’s Office of Housing and Community Development (MOHCD) to transfer up to approximately $8.25 million in tax‑exempt bond proceeds for housing repairs and rehabilitation.
Jeff White, OCII housing program manager, told commissioners the funds come from bond issues issued before 2011 and are excess under redevelopment dissolution law. White said the transfer would be subject to approval by the Oversight Board and the Department of Finance and would be limited to uses consistent with the original bond issuance.
White described two primary categories of proposed uses. The first, he said, is emergency elevator repairs and modernization at nine public‑housing properties owned by the San Francisco Housing Authority, with roughly $3.0 million proposed to address elevator access and safety needs for elderly, disabled and low‑income residents. White said elevator work is already under way and that completion was anticipated by Dec. 31, 2015.
The second category would allocate the remaining roughly $5.26 million to rehabilitation and repairs at existing affordable housing sites owned by nonprofit organizations that cannot leverage federal low‑income housing tax‑credit (LIHTC) financing. OCII staff said MOHCD planned to award those funds through a notice of funding availability (NOFA) slated for January 2016, with awards finalized by March 2016 and a deadline to expend funds tied to the MOU’s schedule.
Commissioners voiced support for directing funds where they could protect affordability and address urgent needs in neighborhoods such as the Mission. Commissioner Singh moved to adopt the resolution and Commissioner Bustos seconded. The commission’s roll call recorded four ayes and one absence; the motion carried.
A member of the public, Sam Moss of Mission Housing Development Corporation, spoke in support of using the funds for small, aging properties in the Mission that need rehabilitation and modernization to remain affordable.
The resolution was recorded as Resolution No. 74‑2015 in the meeting materials. OCII staff said the NOFA would be subject to OCII review and the program would include community outreach and contracting and labor‑policy compliance for awarded work.
