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Committee advances Balboa Reservoir loan amendments to speed affordable phase
Summary
The committee recommended forwarding amendments to seller-carryback loan documents for the Balboa Reservoir sale so Bridge Housing Company can phase development and use state affordable-housing awards for infrastructure and two affordable buildings; the SFPUC will remain secured by deed of trust on remaining parcels.
The Budget & Finance Committee on June 9 voted to forward to the full Board a resolution approving amendments to the seller-carryback loan documents tied to the Balboa Reservoir sale.
Jeremy Spitz of the San Francisco Public Utilities Commission explained the amendments are intended to allow the master developer, Bridge Housing Company (with AvalonBay as a partner), to proceed with a smaller Phase 1 focused on affordable housing while preserving…
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