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Committee backs package of housing financings, bond and grant applications
Summary
The committee recommended forwarding multiple affordable housing financing items to the Board, including conduit bond and loan actions for Fillmore Marketplace, 500 Turk/555 Larkin, Maseo May (401 Avenue of the Palms), CalHome grant applications, and a set of ASEC/IIG joint applications for several infill projects and Treasure Island infrastructure.
The Budget and Finance Committee forwarded a cluster of housing financing, bond and grant application items to the Board with positive recommendations after MOHCD and project teams presented project scopes, funding sources and timelines.
Fillmore Marketplace (1223 Webster Street): Christina Moon (MOHCD) explained item 4 would permit the mayor’s office to seek an allocation of residential mortgage revenue bonds (up to $24,000,000) to fund rehabilitation of this existing 120‑unit affordable complex. MOHCD said the bonds are conduit financing that would not pledge the city’s general fund and that renovations (windows, boilers, water system repairs and fire‑alarm upgrades) would not displace residents.
500 Turk / 555 Larkin (Tenderloin): Joyce Lin presented items 5 and 6 to authorize issuance of multifamily revenue notes (up to $53,000,000) and to approve acquisition/ground lease and gap financing transactions to enable development of a 108‑unit affordable rental housing project by the Tenderloin Neighborhood Development Corporation. Staff described a $32.4M loan increase (funded primarily by Proposition 8 general obligation bond proceeds and inclusionary fees), a $12.25M credit to the loan representing the property acquisition, a 75‑year ground lease with a 24‑year extension option and affordability covenants for 99 years; BLA said city subsidy per unit is about $288,000.
Maseo May / 401 Avenue of the Palms (Treasure Island): Joan McNamara presented items 7 and 8 for veteran and affordable housing at Treasure Island. Item 7 would authorize multifamily housing revenue bonds (up to ~$44.6M) and item 8 would authorize a loan agreement (not to exceed ~$24.5M) and gap financing for a 105‑unit project serving veterans and Treasure Island households; BLA summarized sources, loan amendments and a project budget of about $74.2M with a subsidy around $231,000 per unit.
Grants and programs: Item 9 authorized a CalHome grant application (MOHCD) for $5,000,000 for first‑time homebuyer assistance and related rehab funding. Items 10–19 authorized MOHCD to assume liability and apply for ASEC (Affordable Housing & Sustainable Communities) and IIG (Infill Infrastructure Grant) funds for multiple projects (2340 San Jose Ave—Balboa Park Upper Yard; Potrero Block B; Sunnydale Blocks 3A/3B; 266 Fourth Street) and Treasure Island subphase infrastructure including Hillcrest widening. Staff said joint applications would be submitted by the Feb. 11 deadline and explained the housing and transportation components of ASEC requests.
Supervisors asked about voucher selection procedures for project‑based vouchers tied to the 500 Turk project; MOHCD said it would follow up with details. BLA recommended approval on the financing items and the committee moved all items to the Board with positive recommendations without objection.
