Committee hears financing plan for Bayview Senior Housing project

The San Francisco Board of Supervisors Budget and Finance Committee on Dec. 16 heard a resolution authorizing the issuance, sale and delivery of a housing revenue note in an amount not to exceed $28,500,000 to finance construction of Bayview Senior Housing, a proposed affordable multifamily senior rental development at 1751 Carroll Avenue.

Pam Sims, project manager in the Mayor’s Office of Housing and Community Development, told the committee the transaction is conduit financing and does not require the city to pledge repayment of the bonds. She said the development team includes McCormick Baron Salazar and Bayview Hunters Point Multipurpose Senior Services Inc. as owner and general partner, Wells Fargo as a limited partner and tax-credit investor, and Citibank as construction lender and bond purchaser. Sims said the project will be “120 plus 1 manager’s unit” consisting largely of one- and two-bedroom units targeted to households earning no more than 50 percent of area median income, and that 23 units will be set aside for formally chronically homeless seniors.

The committee asked whether there was a budget analyst report on the item; Mr. Rose, the budget analyst who addressed the Mills Act package later in the hearing, said there was no fiscal impact to the city associated with the conduit financing for this matter. Sims said the city anticipates closing the bonds in early February and beginning construction shortly thereafter, with project completion expected in 2015.

No formal vote on the resolution is recorded in the committee transcript for this meeting. The item was presented for committee consideration and will proceed to the Board of Supervisors as noticed on the Board agenda.