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Committee authorizes application for $60 million in residential mortgage revenue bonds for Mission Bay affordable housing
Summary
The committee approved sending a resolution to the full Board to apply to the California Debt Limit Allocation Committee for up to $60 million in conduit residential mortgage revenue bonds to finance a 200‑unit affordable housing project at Mission Bay South Block 7 West.
The committee voted to send to the full Board a resolution authorizing staff to submit an application to the California Debt Limit Allocation Committee for residential mortgage revenue bonds in an aggregate principal amount not to exceed $60,000,000 to finance Mission Bay South Block 7 West (558 Mission Bay Boulevard North).
City staff said the project will deliver 200 affordable family housing units (71 one‑bedroom and 129 two‑bedroom units) targeted at households earning no more than 60 percent of area median income. The financing is conduit only; staff said the city will not pledge repayment of the bonds. If CDLAC awards an allocation, staff expect to return to the Board for final approval in March 2015 and begin construction shortly afterward.
