Citizen Portal
Sign In

Committee advances bond issuance to rehab Saint Francis of Assisi senior community

San Francisco Board of Supervisors Budget and Finance Committee · September 7, 2016

Loading...

AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

The committee recommended approval of a conduit financing (no recourse to the general fund) to rehabilitate 110-unit Saint Francis of Assisi Senior Community at 145 Guerrero St., preserving affordability for seniors at or below 50% of area median income; bond closing anticipated by month-end and construction completed by end of 2017.

Committee members recommended that the full Board approve an issuance resolution to provide conduit financing (no recourse to the city's general fund) for rehabilitation of the 110-unit Saint Francis of Assisi Senior Community at 145 Guerrero Street.

Adam Curry, bond program manager at the Mayor’s Office of Housing and Community Development, presented the transaction and said it continues the inducement terms presented earlier; he said the units will continue to serve seniors earning no more than 50 percent of area median income. Curry said the developer secured a debt-limit allocation from the California Debt Limit Allocation Committee and that the financing team is substantially finalizing bond documents; he anticipated bond closing by the end of the month and construction completion by the end of 2017. Mercy Housing California is the development lead for the project.

No public comment was offered at committee. Supervisor Yi moved to forward the item with a positive recommendation to the full Board, Supervisor Tang seconded, and the motion was taken without objection.