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Committee advances Potrero HOPE SF Phase 2 infrastructure loan and several housing bond intent resolutions
Summary
The committee recommended forwarding a $22.7 million increase (to a $29.1 million cap) on a Potrero Phase 2 infrastructure loan and approved hearing resolutions that let four housing projects seek CDLAC bond allocations, while continuing two items for further hearing after substantive increases.
The Mayor’s Office of Housing and Community Development briefed the Budget & Finance Committee on Jan. 13 about multiple housing financing items, and the committee recommended forwarding several of those to the full Board.
MOHCD requested an amended and restated loan agreement to raise an existing Potrero Phase 2 infrastructure loan from $6.4 million to a not-to-exceed $29.1 million figure (an increase of $22.7 million) to fund infrastructure and enable Block B to start construction on schedule. MOHCD said total improvement costs are expected to be about $29 million; the sponsor and MOHCD have applied for roughly $13.1 million in state Housing & Community Development grants that, if awarded and requested, could repay portions of the city loan and reduce net city exposure.
Separately, MOHCD sought resolutions declaring the city’s intent to reimburse expenditures and to permit four affordable projects to pursue tax-exempt bond financing with the California Debt Limit Allocation Committee (CDLAC): 78 Haight (63 units, TAY and LOSS-subsidized), 180 Jones (70 units, formerly homeless and LOSS), Hunters View Phase 3 (118 units) and Potrero Block B (157 units). MOHCD proposed revised 'not-to-exceed' amounts for Hunters View Phase 3 and Potrero Block B; because those increases were substantive, the committee voted to continue items 9 and 10 to the Jan. 27 Budget & Finance meeting for further hearing.
Sevin Campbell (BLA) recommended approval of the potrero loan amendment as consistent with prior Board actions. Chair Haney moved the Potrero loan item and the non-substantive bond resolutions forward; the committee recorded unanimous committee support on items moved to the Board and continued the amended items required by law. The Board will take final actions after CDLAC allocation and subsequent issuance approvals.
