Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Commission approves interest‑rate cut and surplus‑cash clarification for Bayview supportive‑housing loan
Summary
OCII amended the loan for a Bayview senior housing development to reduce interest from 3% to 1.46% to satisfy investor tax‑credit tests and clarified surplus‑cash distribution; staff said changes are technical and needed for bond closing and construction start.
Pam Sims presented a request to amend the OCII loan for the Bayview supportive housing project (project addresses were referenced inconsistently in the record). The amendment lowers the loan interest rate from 3% to 1.46% to satisfy a tax‑credit 'true debt' test so investors will accept the financing structure, Sims said, and also aligns surplus‑cash distribution terms with the ground lease…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
