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Committee advances bond resolutions and a $14.5M loan to expand affordable housing projects
Summary
The committee approved positive recommendations to the full Board for TEFRA bond compliance and related loan documents to finance three MOHCD projects (Treasure Island C3, Knox SRO, SFHA scattered sites) and for a $14.5M MOHCD loan to finance acquisition/predevelopment of a 98-unit senior project at 4200 Geary Boulevard.
The committee reviewed several MOHCD items to facilitate affordable and rehabilitated housing projects.
MOHCD bond program manager Joyce Lehi outlined three resolutions to permit tax-exempt conduit residential mortgage revenue bonds (subject to CDLAC allocation): Treasure Island Parcel C3 (138 units, mixed AMI targeting), Knox SRO rehabilitation (241 Sixth Street — 140 units with 100 serving households at/below 40% AMI; right-to-return guaranteed), and SFHA scattered-site rehabilitation (70 units converting to nonprofit ownership). MOHCD said the bonds would be conduit financing and would not pledge city funds for repayment; if awarded CDLAC allocations in August, MOHCD plans to return to the Board for issuance approval and anticipated closings in Feb 2022.
Separately MOHCD and TNDC presented Item 9: a $14,538,982 loan for acquisition and predevelopment of a 98-unit senior 100%-affordable rental project at 4200 Geary Boulevard. The BLA recommended technical amendments clarifying a future purchase-and-sell and ground-lease structure; the committee accepted amendments and advanced the item to the full Board.
Committee members praised the projects and asked staff to clarify subsidy arrangements (local operating subsidies, SOS subsidies) and follow up with more precise subsidy amounts prior to construction loan closing.
