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Committee advances two housing finance resolutions for Mission Bay and Fillmore rehab projects
Summary
The committee forwarded bond resolutions to support construction of 141 units at Mission Bay South Block 9 and financing for rehabilitation of 104 units at Frederick Douglass Haines Apartments; both actions were moved to the full Board with positive recommendations and were described as conduit financing with no city repayment obligation.
On May 20 the Budget & Finance Committee advanced two housing finance resolutions to the full Board.
Item 5 authorizes issuance of multifamily housing revenue notes up to approximately $49.1 million to finance construction of Mission Bay South Block 9, a 141‑unit multifamily rental project with on‑site supportive services and a manager’s unit. Kim Opsfeld of OCII said the transaction is conduit financing and will not obligate the city for repayment; the project will rely on state and federal low‑income housing tax credits, a Federal Home Loan Bank award and an OCII loan, and is expected to start construction in July with occupancy in December 2021.
Item 6 authorizes issuance of up to $67.7 million in multifamily housing revenue notes for acquisition and rehabilitation of the 104‑unit Frederick Douglass Haines Apartments in the Fillmore. Christina Moon of MOHCD described renovation work (roofs, windows, systems, finishes), a temporary relocation plan of up to seven months (with no permanent displacement), and prevailing wage compliance. Both items were forwarded to the Board with positive recommendations (3–0).
The committee heard no public callers on either item.
