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Committee forwards $21.7 million multifamily financing for Fillmore Marketplace Apartments to full board

San Francisco Board of Supervisors Budget and Finance Committee · February 17, 2021

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Summary

The committee advanced a bond resolution authorizing issuance of a multifamily housing revenue note up to $21.7 million to finance acquisition and rehabilitation of the 120‑unit Fillmore Marketplace Apartments; the financing remains conduit debt with no recourse to the city and targets mostly very low‑income households.

The Budget & Finance Committee on Feb. 17 voted to forward to the full Board a bond resolution allowing the issuance of a multifamily housing revenue note (aggregate principal not to exceed $21.7 million) to finance acquisition and rehabilitation of the 120‑unit Fillmore Marketplace Apartments at 2113 Webster Street in the Western Addition.

Omar Cortez of the Mayor’s Office of Housing and Community Development described the financing as conduit debt with no recourse to the city’s general fund. The transaction preserves affordability: 109 units will serve families earning no more than 50% of area median income and 10 units will serve families earning no more than 60% of AMI. Cortez said the development team has secured debt and equity partners, bond counsel and municipal advisors, and a substantial rehabilitation is expected to be completed in early 2022.

The committee moved the item to the full Board with a positive recommendation.

Next steps: The item will be considered by the full Board; staff said project compliance will continue to be monitored for prevailing wage and LBE requirements.