Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Rehab topic
No spam. Unsubscribe anytime.
City seeks conduit bond financing to rehab Columbia Park Apartments with Mercy Housing California
Summary
The committee forwarded an inducement resolution allowing the Mayor’s Office to apply for conduit bond financing to rehabilitate Columbia Park Apartments (50 units) with Mercy Housing California; plan would preserve 29 units at ≤60% AMI and 20 units at ≤50% AMI.
The Mayor’s Office of Housing and Community Development presented an inducement resolution for Columbia Park Apartments (1035 Folsom St.), a 50‑unit rental complex serving low‑income households, asking the committee to authorize an application to the California Debt Limit Allocation Committee for conduit bond financing.
Adam Curry, senior project manager, said the financing would be conduit (the city would not pledge its own funds for repayment) and that the project sponsor is Mercy Housing California. Planned rehabilitation work includes replacement of residential windows, installation of mechanical ventilation in all units, repair or replacement of worn fixtures and finishes, and energy efficiency upgrades to lighting and hot water systems. After rehab, 29 units would remain reserved for households at or below 60 percent of area median income and 20 units for households at or below 50 percent of AMI.
Curry said the City would submit the CDLAC application within about three weeks and, if awarded an allocation, return to the Board for approval to issue bonds. Bond closing was anticipated in February–March 2016 with construction completed by the end of 2016. The committee moved to forward the inducement resolution with a positive recommendation to the full Board.
