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Subcommittee backs bond application to finance Western Park senior housing rehabilitation
Summary
The committee advanced a resolution allowing the Mayor's Office of Housing to apply for up to $25 million in tax‑exempt mortgage revenue bonds to finance major rehabilitation of Western Park Apartments, a 182‑unit senior housing development; the office said tenants will be temporarily relocated with no permanent displacement.
The Budget and Finance Subcommittee advanced a resolution on April 24 authorizing the Mayor's Office of Housing to apply to the California Debt Limit Allocation Committee for tax‑exempt mortgage revenue bonds not to exceed $25,000,000 to finance a substantial rehabilitation of Western Park Apartments, 1280 Laguna Street.
Lydia Ealy, project manager in the Mayor's Office of Housing, said Western Park is an existing affordable senior rental development owned by Northern California Presbyterian Homes and Services and includes 182 units in four buildings, 114 of which receive Section 8 subsidy. The owner proposes to refinance and rehabilitate the property using bond proceeds and low‑income housing tax credits, with a schedule that would start construction in the fall and complete within about a year.
Ealy told the committee that tenants will be temporarily relocated outside the buildings during construction but that there will be no permanent displacement related to the rehabilitation or bond financing. She said these conduit financings do not require the city to pledge repayment; the project's revenues are recourse for bondholders.
Supervisor Breed sponsored the item; the committee moved the resolution forward to the full Board with recommendation and without objection. The Mayor's Office of Housing said it will return to the Board, most likely at the end of the summer, to request permission to issue the bonds and proceed with financing.
