Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Bonds topic
No spam. Unsubscribe anytime.
Committee recommends bond reimbursements for two Tenderloin rehab projects that will preserve affordable units
Summary
The committee forwarded resolutions to declare intent to reimburse bond-financed rehabilitation work for Ambassador Ritz (55 Mason/216 Eddy) and Yosemite/Folsom Door (480 Eddy/75 Dorr), describing unit counts, affordability levels and projected closings in 2021.
The Budget and Finance Committee voted June 3 to recommend two MOHCD resolutions that declare the city's intent to reimburse certain project expenditures from proceeds of future bond indebtedness for two Tenderloin rehabilitation projects.
Caroline McCormack of the Mayor’s Office of Housing and Community Development described the Ambassador Ritz project (rehab of buildings at 55 Mason Street and 216 Eddy Street) and the Yosemite/Folsom Door project (480 Eddy Street and 75 Dorr Street). McCormack said both projects are conduit financings that do not pledge city funds for repayment, will finance major life-safety upgrades (seismic strengthening, accessible units, in-unit kitchens and baths) and will require temporary off-site relocation but will not displace residents. She said the Ambassador Ritz would allocate approximately 187 units to a 4% tax-credit component and that 100% of units across the projects would be affordable at up to 100% of San Francisco AMI, with many units set at lower AMI bands (majority at ~50% AMI for Ambassador Ritz; Yosemite averaging ~65% AMI by staff estimate).
The committee voted to forward both items to the full Board with a positive recommendation. Staff said both projects were expected to return later in 2020 for bond-issuance approvals and that Ambassador Ritz financing was anticipated to close in April 2021 and Yosemite/Folsom Door to close in June 2021.
What’s next: MOHCD will return to the Board later in 2020 for bond-issuance approvals and additional documentation.
