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Committee approves bond authorization for Hunters View Phase 2A, 107 affordable units
Summary
Supervisors approved a resolution authorizing up to $41 million in multifamily housing revenue notes for Hunters View Phase 2A, a 107‑unit affordable family housing project that will include 80 public‑housing replacement units and 26 tax‑credit units targeted at households earning up to 50% AMI.
The Budget and Finance Committee approved a resolution authorizing issuance and delivery of multifamily housing revenue notes in an aggregate principal amount not to exceed $41,000,000 to finance Hunters View Phase 2A, a 107‑unit affordable family housing development.
Pamela Sims, development specialist in the Mayor’s Office of Community Investment and Infrastructure, said the project will include 80 public‑housing replacement units with households paying no more than 30 percent of income toward rent, and 26 tax‑credit units targeted to households earning no more than 50 percent of area median income (about $48,550 for a family of four as stated in the staff presentation). The transaction is structured as conduit financing; the city will not pledge repayment of the bonds. Sims said bond closing is expected within a month and vertical construction will follow, with a projected construction completion date in 2017.
Andrew Berman of the sponsor team (Divine and Gong) attended as the sponsor representative. The committee opened public comment (none offered) and approved the resolution without recorded objection.
Outcome: resolution approved; conduit financing anticipated to close within weeks; construction slated to finish in 2017.
