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Committee advances MOHCD loan for 249 Pennsylvania and four senior operating-subsidy contracts
Summary
The committee forwarded a $13 million MOHCD loan to acquire and pre-develop 249 Pennsylvania (approx. 120 family units, with construction anticipated 2026 and occupancy 2029) and four senior operating subsidies totaling approximately $37.9 million to support 160–165 extremely low-income senior units across the city.
The Budget and Finance Committee forwarded several housing items from the Mayor’s Office of Housing and Community Development (MOHCD) to the full Board.
Item 6 authorizes loan documents for up to $13,000,000 to finance acquisition and predevelopment for 249 Pennsylvania (acquired October 2023 using third-party financing) led by…
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