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Committee advances several housing finance measures, including 55-unit rehab and Yosemite Apartments bond approvals
Summary
The committee forwarded multiple housing finance measures to the full Board: a $23.5M multifamily housing revenue note for a 55‑unit Bernal Heights rehab, an intent-to-reimburse resolution and CDLAC application for 480 Eddy (Yosemite Apartments), and authorization to apply for a $14.3M state supportive-housing grant for conversion of units at the Knox SRO.
The Budget and Finance Committee advanced a set of housing finance items to the full Board with positive recommendations, including revenue notes, bond-related reimbursements and a state grant application intended to create or preserve affordable housing.
Christina Moon (identified in the transcript as a senior project representative) presented Item 3, a resolution authorizing execution and delivery of multifamily housing revenue notes in one or more series in an aggregate principal amount not to exceed $23,500,000 to finance rehabilitation of a 55-unit multifamily rental project identified in the transcript as "Brno Gateway Apartments" in the Bernal Heights neighborhood (addresses cited in the transcript). Moon said the financing is conduit debt with no recourse to the city's general fund and outlined unit targeting: 15 units for households at or below 20% AMI, 14 units at or below 30% AMI, and 25 units at or below 60% AMI. She said closing is on track for early October and rehabilitation completion is expected in January (year not specified).
Item 4 was presented by Caroline McCormack of the Mayor's Office of Housing and Community Development: a resolution declaring the city's intent to reimburse certain expenditures from future bond proceeds and authorizing MOHCD to submit an application to the California Debt Limit Allocation Committee (CDLAC) for residential mortgage revenue bonds not to exceed $19,300,000 for the Yosemite Apartments (480 Eddy Street). McCormack said the project would rehabilitate an existing building containing 32 studio and one‑bedroom units and would be 100% affordable using income averaging (the project's average income level was stated as about 74% of AMI).
Separately, Amy Chan (MOHCD) presented Item 5, seeking authorization to apply for and execute a grant application under the Housing for a Healthy California program for up to $14.3 million to convert 30 units at the Knox (241 Sixth Street) into permanent supportive housing for chronically homeless individuals or high-cost health users; Chan said Department of Homelessness and Supportive Housing would provide operating subsidy and services for those converted units if the grant is awarded. Chan thanked Supervisor Mandelmann for co-sponsorship and said MOHCD would return to the Board if awarded to accept and expend funds.
Each of these items was moved by the Chair and forwarded to the full Board with positive recommendations in committee; the transcript records no committee objections or recorded roll-call vote tallies in the committee hearing.
