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Committee backs $80 million Balboa Park Upper Yard bond allocation to build 131 affordable units, reserve voucher set-asides
Summary
The committee recommended forwarding an $80 million conduit bond resolution for 2340 San Jose Avenue (Balboa Park Upper Yard), a mixed-use affordable housing project with 131 units, an early-childhood center and 39 Housing Choice Voucher set-aside units for Sunnydale residents.
The Budget and Finance Committee on June 3 recommended a resolution to declare intent to reimburse expenditures for an $80 million conduit bond issuance to fund the Balboa Park Upper Yard project at 2340 San Jose Avenue, adjacent to the Balboa Park BART station.
Acting Deputy Director Lydia Ealy (Mayor’s Office of Housing and Community Development) said the project will create 131 affordable units, an early-childhood education center, a family wellness center and community-serving retail. Two-thirds of units will serve households at or below 50% of San Francisco AMI and the remainder at up to 80% AMI; 39 units were identified as possible set-asides for Housing Choice Voucher holders from Sunnydale as an optional relocation opportunity. Ealy noted the Sunnydale revitalization is already underway, with 55 units completed and another 168 in construction, and characterized the 39 units at Upper Yard as one small portion of ongoing replacement activity.
Supervisor Safaí and the Mayor’s budget director affirmed that recent budget rebalancing would not jeopardize the project’s funding. The committee voted to forward the item to the full Board with a positive recommendation.
What’s next: MOHCD and project sponsors will seek bond allocation and return to the Board for issuance approvals later in 2020.
