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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 of roughly 53% AMI and an estimated city subsidy of $196,000 per unit) and scenario B (all units leased via Dahlia at a roughly 65% AMI average and an estimated city subsidy of $231,000 per unit).
McCormack asked the committee to correct a clerical error in the ordinance’s loan cap and to change references from the small sites program to acquisition and preservation funding because 270 Turk is an 86‑unit building, larger than the small sites definition (5–25 units). The BLA analyst (identified in the transcript as Campbell) recommended amending the resolution to state the correct loan amount — $31,870,000 — and to direct the MOHCD executive director to include an option for the city to purchase 270 Turk at a future date. BLA characterized final funding sources and HSH subsidy as not yet finalized and therefore treated approval of the resolution as a policy matter for the full Board.
Following staff clarifications and brief Q&A from supervisors about the purchase option and fund delineations, the committee adopted the BLA recommendations and staff amendments and then voted to continue the item into the September 2 committee meeting to allow substantive amendments to be developed and reviewed. Roll call votes were recorded with three ayes.
Next steps: the item remains on the Budget & Finance Committee calendar and is scheduled to return on September 2 with the staff amendments and proposed purchase‑option language for further committee consideration.
