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Balboa Park Upper Yard financing moves to Board after community objections to AMI mix
Summary
The committee forwarded four linked Balboa Park Upper Yard items (bond authorization, ground lease, a $24.46M gap loan, and state grants totaling about $28.8M for housing and plaza improvements) to the full Board without recommendation after community groups raised concerns about outreach and area median income (AMI) levels.
The Mayor’s Office of Housing and Community Development presented a 100% affordable development proposal for the Balboa Park Upper Yard site at 2340 San Jose Avenue: a 131‑unit building with a mix of deep affordability and moderate‑income units, 39 units reserved for HOPE SF relocatees, and ground‑floor community uses including a YMCA early‑education center and a bike‑repair training shop.
MOHCD described financing that combines tax‑exempt multifamily housing revenue bonds (up to $90 million), a MOHCD gap loan of up to $24,459,458, tax credit equity and permanent debt, plus state Infill Infrastructure Grant (IIG) funds of $3.5 million and a $25.3 million Affordable Housing & Sustainable…
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