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Committee ratifies TEFRA hearing and seeks debt allocation for rehabilitation of Frederick Douglas Hanes Apartments
Summary
Committee moved to the Board a resolution to declare intent to reimburse certain expenditures and to apply for California Debt Limit Allocation Committee authority (up to $47.7M) for conduit bond financing to fund substantial rehabilitation of the Frederick Douglas Hanes Apartments; staff said financing would be conduit and not pledge city funds.
The Budget and Finance Committee advanced a resolution asking the Board of Supervisors to ratify the hearing required under federal law and to authorize submission of an application to the California Debt Limit Allocation Committee for conduit bonds not to exceed $47,700,000 to support the rehabilitation of the Frederick Douglas Hanes Apartments.
Christina Moon, senior project manager with the Mayor's Office of Housing and Community Development, said the proposed bond issuance would be conduit financing and would not require the city to pledge any of its funds to repay the bonds. She described the project as a substantial renovation with tenant protections: no residents will be permanently displaced, though temporary relocation may be required to facilitate construction.
Moon said the rehab scope includes roofing, windows, siding, structural repairs, replacement of electrical, heating and plumbing systems and interior finishes, and that the Board would be asked to approve bond issuance in February. Staff identified project sponsors (Human Good Affordable Housing and Third Baptist Gardens in the presentation) and a sponsor representative present.
The committee took no public comment and moved the resolution to the Board with a positive recommendation.
