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Supervisors advance $260M COP package but press MOHCD for faster NOFAs and SRO elevator timeline
Summary
The committee advanced ordinances authorizing refunding and issuance of certificates of participation (COPs) that could finance up to roughly $260 million in projects, while supervisors demanded earlier timelines for NOFAs to deploy funds for public-housing repairs and SRO elevator upgrades; HSH said it will issue an RFI for elevator repairs this summer and MOHCD agreed to report back in September.
The Budget and Finance Committee on May 10 forwarded to the full Board a three-part package to authorize refunding and new issuance of Certificates of Participation (COPs) that could refinance existing debt and provide up to roughly $146.8 million in new proceeds for affordable housing and capital projects. The Office of Public Finance estimated minimum net-present-value (NPV) debt-service savings of about $7.9 million under a 3% savings threshold and noted the transaction could be priced and closed in the summer if market…
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