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Commission confirms revised housing asset transfer list for housing successor
Summary
OCII confirmed a revised housing asset transfer list to the City and County of San Francisco as housing successor, removing retained housing obligations and adding omitted regulatory agreements; staff recommended keeping mixed-use affordable developments intact so commercial revenues continue to support affordable housing operations.
The commission voted to confirm a refreshed housing asset transfer list that reconciles prior submissions with amendments to state dissolution law, staff said. Sally Orth, deputy director, told commissioners the list removes retained housing obligations and adds about a dozen regulatory agreements that were inadvertently omitted from earlier lists.
Orth said the revised list catalogs more than 1,000 assets and is intended to give a clear single record to title companies, tax-credit investors and the State Department of Finance while the property management plan is under review. She told the commission that AB 1484 and subsequent DOF guidance changed how low- and moderate-income housing funds and certain enforceable obligations are treated, and that the refreshed list reflects those changes.
For mixed-use affordable developments that include non-housing uses — for example retail on the ground floor — staff recommended that the Oversight Board find that maintaining the integrated development provides a net benefit to the community and taxing entities because the non-housing revenues are used to offset affordable-housing operating costs. The commission agreed and voted to confirm the list and direct that finding to the Oversight Board.
The motion passed by roll-call vote, 5-0. Staff said the transferred-assets list will accompany the property management plan submission to the Oversight Board and the State Department of Finance.
