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Committee backs TEFRA resolution for 53 Colton affordable housing financing
Summary
The committee advanced a TEFRA-related resolution authorizing MOHCD to pursue tax-exempt conduit bond financing for a proposed 96-unit affordable project at 53 Colton Street; MOHCD said the project will house formerly homeless adults and expects to begin construction as soon as Sept. 2020.
The Budget Committee moved forward a resolution authorizing the mayor’s office to pursue conduit tax-exempt residential mortgage revenue bonds for a proposed affordable housing project at 53 Colton Street.
Joyce Slen, a project manager at the Mayor’s Office of Housing and Community Development, told the committee the TEFRA-related resolution would enable the project to apply to the California Debt Limit Allocation Committee for tax-exempt bond financing. She said 53 Colton is a proposed 96-unit new-construction affordable project on a currently vacant parking lot; about 35 units would rehouse permanent tenants from the neighboring Civic Center Hotel. All units would serve formerly homeless adults earning less than 60% of the San Francisco County area median income and would be subsidized with the city’s Local Operating Subsidy Program (LOSP). MOHCD said it anticipates closing construction financing and starting construction as early as September 2020 and will return to the Board for bond issuance approval.
David Elliott Lewis, a resident and Community Housing Partnerships board member, testified in support, describing the project sponsor’s track record and the project's role in producing permanent supportive housing. The committee sent the resolution to the full Board as a committee report with a positive recommendation.
