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Committee backs MOHCD resolutions to pursue bond financing for three affordable housing projects
Summary
The committee recommended moving three MOHCD resolutions to the full Board: conduit bond financing applications for 185 Maryland Street (275 units, 55 units at ≤50% AMI), Ocean Beach Apartments rehabilitation (85 units, 100% ≤60% AMI), and South Park scatter‑site rehabilitation (107 units, 100% ≤60% AMI); relocation plans and affordability percentages were discussed.
The Budget & Finance Committee recommended three housing‑related resolutions to the full Board of Supervisors, allowing the mayor’s office of housing and community development to pursue conduit bond financing and necessary CDLAC applications for separate projects.
Omar Cortez (MOHCD) described the three actions: 185 Maryland Street (a 275‑unit mixed‑income project on Pier 70 with 55 units — 20% of the project — affordable to households earning less than 50% of area median income), Ocean Beach Apartments (rehabilitation of an existing 85‑unit building to remain 100% affordable to households earning ≤60% AMI), and the South Park scatter‑site rehabilitation (three SRO buildings totaling 107 units, 100% ≤60% AMI). Cortez said these would be conduit financings that do not pledge city funds for bond repayment and explained the Tefra hearing and CDLAC submittal steps.
Project sponsors and the MOHCD described relocation plans for rehabs — typically two to three weeks per unit with HUD protections and temporary relocation assistance — and pledged translators and outreach for predominantly Russian‑speaking communities affected by one rehab. Supervisors asked why one project showed only 20% of units at 50% AMI; MOHCD said the overall development agreement across parcels satisfies a 30% affordability requirement when combined with other phases.
The committee took no public testimony on these items and moved the package to the full board with a positive recommendation.
