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Committee approves BLA recommendations, continues MOHCD loan for 270 Turk Street to September meeting
Summary
The Budget & Finance Committee adopted BLA recommendations and staff corrections for a MOHCD resolution to provide permanent financing for 270 Turk Street, correcting the loan cap to $31,870,000 and requesting an option for future city purchase; the item was continued to the September 2 committee meeting for substantive amendments.
Caroline McCormack, a MOHCD acquisition and preservation staffer, presented a request for up to $31.8 million in permanent financing to preserve 270 Turk Street, an 86‑unit Tenderloin building housing primarily low‑income residents. McCormack said the project came to MOHCD via the Housing Accelerator Fund and presented two subsidy scenarios: scenario A (assumes a 20‑year contract with the Department of Homelessness and Supportive Housing for 24 step‑up units, a building‑wide average…
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