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Supervisors Recommend Subordination to Let HealthRight 360 Close on New Mission Street Clinic; Budget Risks Noted
Summary
The Budget & Finance Committee recommended forwarding a resolution to subordinate two city seismic loans to allow a nonprofit lender's $8.5 million construction loan for HealthRight 360's new headquarters and clinic at 1563 Mission Street, while supervisors pressed officials on repayment risks and tighter oversight.
The Budget and Finance Committee on Feb. 10 recommended forwarding a resolution that would subordinate two existing city seismic-and-safety loans so HealthRight 360 can close on an $8.5 million nonprofit finance fund construction loan for a new headquarters and clinic at 1563 Mission Street.
Don Lusty of the Mayor's Office of Housing and Community Development said the subordination is needed to secure financing that would allow construction to proceed. "If not approved, completion of HR 360's new headquarters and clinic may not be feasible," he said, adding that without the transaction HR360 might be forced to continue renting space.
Department of Public Health deputy Colleen Chavla described HR360 as "a significant provider of safety net health services in San Francisco," noting DPH currently contracts with the nonprofit…
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