Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Committee backs multiple conduit financings for new affordable housing developments
Summary
The committee recommended forwarding to the full Board several conduit financing resolutions for four all‑affordable new developments (1950 Mission, 490 South Van Ness, 455 Fell Street, 1296 Shotwell) that do not displace current residents and would reserve units at various AMI levels.
Adam Cray, bond program manager at the Mayor’s Office of Housing and Community Development, presented four related resolutions authorizing conduit financings and applications to the California Debt Limit Allocation Committee for new, all‑affordable developments: 1950 Mission (up to $95M, 157 units serving households at ≤60% AMI), 490 South Van Ness (up to $65M, 81 units at ≤60% AMI), 455 Fell (financing up to $43M for 108 units; 70% at ≤60% AMI and 30% reserved for formerly homeless families at ≤30% AMI), and 1296 Shotwell (up to $50M for 94 units for low‑income seniors with most units at ≤50% AMI and a share for formerly homeless seniors at ≤30% AMI).
Cray noted these are conduit financings that do not pledge city funds for repayment and that the sites are vacant so no residents will be displaced during development. Sponsors include Bridge Housing, Mercy Housing California, Chinatown Community Development Center and Mission Economic Development Agency. The committee voted to send items 6, 7 and 9 to the full Board with positive recommendations and item 8 as a committee report with a positive recommendation.
