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Committee forwards six housing‑bond resolutions and CDLAC applications to full Board
Summary
The Budget and Finance Committee unanimously forwarded six mortgage‑revenue bond and related resolutions to the full Board as committee reports, including conduit financings for rehabilitation and new construction projects (Eastern Park Apartments; 4840 Mission; Balboa Park Upper Yard; 681 Florida; Coleridge Park Homes). Several presenters warned that missing CDLAC deadlines could cost the city millions in subsidy.
The San Francisco Budget and Finance Committee on Nov. 18 recommended forwarding six housing bond and financing resolutions to the full Board as committee reports.
Amy Chan and Christina Moon from the Mayor’s Office of Housing and Community Development presented the items. Presenters said the proposed issuances would be conduit financings that would not require the city to pledge its general funds for repayment. Amy Chan described the Eastern Park Apartments plan (202 units at 711 Eddy St.) and said tenants would be temporarily relocated during rehabilitation and would be able to return.
Christina Moon emphasized time‑sensitive deadlines for several projects. She said missing the California Debt Limit Allocation Committee (CDLAC) application deadline of Dec. 11 would cost the city approximately $11,000,000 in subsidy for one project and about $10,000,000 for another if DDA (Difficult Development Area) status were lost. Moon outlined project specifics: 40 at 40 Mission (137 units in Outer Excelsior) with financing and construction timelines through 2022; Balboa Park Upper Yard (131 units near Balboa Park BART) with 39 units set aside for voluntary relocatees supported by a 20‑year HAP contract with the San Francisco Housing Authority; 681 Florida St. (130 new units developed by Mission Economic Development Agency and Tenderloin Neighborhood Development Corporation); and Coleridge Park Homes (49 existing units in Bernal Heights) with a rehab scope that includes window and roof replacement, elevator modernization, waterproofing and ADA improvements.
All six items were taken without objection and will be forwarded to the Board as committee reports for Tefra and bond‑issuance approvals next year.
Next steps: the Board will consider the committee reports and return votes for Tefra hearings and formal bond approvals; project sponsors are expected to return to the Board for final approvals and closing.
