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Committee advances conduit financing for 151‑unit Transbay senior housing project
Summary
The committee voted to forward a resolution authorizing multifamily housing revenue notes up to about $67.7 million to finance construction of Transbay Block 2 West, a 151‑unit affordable senior project that includes units for formerly homeless seniors and subsidies through local operating programs.
The Budget and Finance Committee on Feb. 7 voted to forward a resolution authorizing multifamily housing revenue notes in an aggregate principal amount not to exceed approximately $67.7 million for Transbay Block 2 West, a 151‑unit affordable senior housing project in the Transbay redevelopment area.
Jasmine Kuo of the Office of Community Investment and Infrastructure told the committee the project will be conduit‑financed and that the city will not pledge general fund dollars to repay the notes. She said 150 units will serve households earning between 15% and 50% of area median income and one unit will be a manager’s unit; 30 units will serve formerly homeless seniors supported by the city’s local operating subsidy program and 60 units will be supported by the senior operating subsidy program.
Kuo said construction is scheduled to begin in March with an expected completion in January 2026. Total development costs were estimated at approximately $125 million; the resolution before the committee covered the up to $67.7 million in revenue notes. The committee forwarded the item with a positive recommendation by roll call (three ayes).
