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Budget & Finance Committee forwards package of housing bond items, including 1500 Mission and Bridal Courts
Summary
The committee advanced a series of conduit bond resolutions and notes to the full Board of Supervisors — including financing for 1500 Mission Street (550 units) and Bridal Courts (92 units) — mostly by unanimous consent, while one item was forwarded without a positive recommendation pending labor negotiations.
The San Francisco Board of Supervisors Budget & Finance Committee on Tuesday advanced a bundle of housing financing measures to the full Board, including conduit bond resolutions for a 550‑unit mixed‑income project at 1500 Mission Street and the rehabilitation of Bridal Courts Apartments.
Amy Chan of the Mayor’s Office of Housing and Community Development told the committee the 1500 Mission Street resolution would authorize issuance and sale of multifamily housing revenue bonds in an aggregate principal amount not to exceed $325 million to finance a 550‑unit mixed‑income rental project at 1500–1580 Mission Street. Chan said the resolution applies only to the residential tower (not the planned office building), that the bonds are conduit financing that will not pledge the city’s general fund, and that 20 percent of units will serve households earning no more than 50 percent of area median income (AMI). She said the developer has secured a…
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