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Committee forwards financing for 143-unit affordable rental project at 1990 Folsom

San Francisco Board of Supervisors Budget and Finance Committee · January 30, 2019

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Summary

The committee moved a bond-issuance resolution to the full Board to finance construction of 143 affordable rental units at 1990 Folsom (developers: TNDC and Mission Economic Development Agency) using conduit financing with no recourse to the city's general fund; the development team said financing is secured and construction will begin soon.

The Budget & Finance Committee forwarded to the full Board a resolution authorizing the issuance of multifamily housing revenue notes of up to approximately $62 million to finance a 143-unit affordable rental project at 1990 Folsom in the Mission.

Sarah Nasser, senior project manager at the Mayor's Office of Housing and Community Development, described the project as a joint venture between the Tenderloin Neighborhood Development Corporation and Mission Economic Development Agency. Nasser said the transaction is conduit financing with "no recourse to the city's general fund" and that the development team has secured tax credits, mortgage financing and MOHCD gap financing. The project includes about 4,500 square feet of ground-floor childcare space and roughly 10,200 square feet reserved for community-based arts organizations.

Feliciano Veda of Mission Economic Development Agency spoke during public comment on behalf of the development team, highlighting the city's support and saying the team expects to start construction soon and finish by the end of 2020. Supervisor Stephanie moved to forward the resolution with a positive recommendation; the committee approved the motion without objection and sent the item to the Board for final action.