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Committee recommends $21.68M MOHCD grant to preserve 70 affordable units at Bayside Village
Summary
The committee recommended a Mayor's Office of Housing and Community Development grant of $21,680,000 from the Housing Trust Fund to preserve 70 permanently affordable units at Bayside Village, protect 172 existing BMR households from displacement through lifetime leases, and maintain affordability; residents testified in support.
The Budget & Finance Committee recommended a grant of $21,680,000 from the Housing Trust Fund to Bayside Village Associates to preserve 70 permanently affordable units and prevent displacement of 172 below-market-rate households.
Don Lusty of MOHCD outlined the agreement terms, including lifetime leases for the protected units and owner contributions; staff compared the project to a similar South Beach Marina preservation effort approved the prior year. The budget analyst reported the valuation analysis supporting the $21,680,000 grant (approximately $310,000 per preserved unit) and that the Housing Trust Fund balance would be reduced by the award, leaving an estimated $14,320,218.
Several Bayside Village residents provided public comment describing personal reliance on BMR housing and urging approval; supervisors acknowledged the preservation value while noting the Housing Trust Fund balance and future projects with expiring affordability covenants. The committee moved the item forward with a positive recommendation.
