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Committee forwards plan to release $2.9M in SoMa reserve for small‑sites purchase at 566 Natoma; SoMa spending reduced to $114,800
Summary
The committee voted 3–0 to release up to $2.9 million from a Budget & Finance Committee reserve to support the small‑sites permanent financing of 566 Natoma and amended a related spending resolution to reduce SoMa Community Stabilization Fund authority to $114,800 for two capacity grants.
The Budget & Finance Committee on Sept. 13 moved three related housing items to the full Board with recommendations: (1) release up to $2.9 million in committee reserve funds to the Mayor’s Office of Housing and Community Development (MOHCD) to support a small‑sites loan for 566 Natoma Street; (2) an amended spending resolution for the SoMa Community Stabilization Fund reduced from about $3,014,800 to $114,800 to support two capacity‑building grants; and (3) designation of two city‑owned parcels as exempt surplus land to improve competitiveness for state affordable‑housing funding.
Amanda Fukatomi Lopez, a preservation project manager at MOHCD, asked the committee to release $2,900,000 from a $10,000,000 SoMa reserve originally set aside for small‑sites loans. She said 566 Natoma is a three‑story, five‑unit building (four 1‑bedroom units and one 2‑bedroom unit)…
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