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Committee advances two residential bond reimbursement resolutions for projects at 2675 Folsom and 1 Church Street
Summary
The committee advanced two resolutions authorizing application for tax-exempt residential mortgage revenue bonds (up to $130M for a 117‑unit mixed-income project at 2675 Folsom; up to $45M for rehab of 93 all-affordable units at 1 Church Street). Staff said the financing is conduit-based and the city will not pledge funds or provide gap subsidy.
The Budget and Finance Committee voted to forward two resolutions to the full Board seeking permission to reimburse certain expenditures from proceeds of future residential mortgage revenue bonds.
Adam Cray, bond program manager for the Mayor’s Office of Housing and Community Development, described Item 6 as a conduit financing (no city pledge or gap funding) for a new-construction 117-unit mixed-income building at…
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