Committee advances two residential bond reimbursement resolutions for projects at 2675 Folsom and 1 Church Street

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 2675 Folsom Street in the Mission District; 20% of units will serve households earning no more than 50% of area median income. The project includes art gallery and studio space (about 5,100 sq. ft.), residential amenity spaces, rooftop space, underground parking with charging stations, bicycle parking, and residential storage. The sponsor planned to apply to the California Debt Limit Allocation Committee (CDLAC) by Oct. 13 and, if awarded, return to the Board for issuance approval.

Item 7 covers a rehabilitation project (conduit financing) for an all-affordable 93‑unit building at 1 Church Street; all units will serve households at or below 60% of area median income. Cray described the scope of rehab work (water intrusion repairs, waterproofing, stucco and trim repairs, roof parapet repairs, landscaping and repainting) and said no residents will be permanently displaced — those temporarily relocated will have a right to return and will not be financially responsible for relocation costs.

A Bridge Housing representative, Ally Stein, explained the 2675 Folsom project occupies a full city block and therefore lists multiple addresses for notice; the committee moved both items to the full Board with a positive recommendation 'without objection.'