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Budget panel backs limited payment guarantees to protect Treasure Island affordable housing deal
Summary
The Budget & Finance Committee voted to send to the full Board a resolution authorizing limited payment guarantees — up to $43 million for Silicon Valley Bank and $3.2 million for Raymond James — intended to keep construction of a 105-unit, 100% affordable veteran rental project on Treasure Island on schedule amid pending litigation.
The San Francisco Board of Supervisors' Budget and Finance Committee voted on April 15 to forward to the full board a resolution authorizing limited payment guarantees intended to protect the financing of a Treasure Island affordable housing project if construction is halted by litigation.
Committee members approved amendments and then forwarded the resolution, which would authorize a limited guarantee for Silicon Valley Bank of up to $43,000,000 plus accrued interest and other costs and a limited guarantee for Raymond James Tax Credit Investment Inc. of up to $3,200,000. The guarantees would apply only if construction is stopped or delayed by a court order tied to the current lawsuit, and payment would first draw on the Treasure Island Development Authority's accrued master developer housing subsidy, with the…
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