Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Supervisors advance financing for 196-unit Candlestick Heights without city capital
Summary
The committee advanced a resolution to authorize a multifamily housing revenue note for Candlestick Heights, a 196-unit affordable rental development; city staff said the project will be completed without direct City contributions and will reserve units for households at or below 60% and 50% AMI.
The Budget and Finance Committee moved forward a resolution authorizing issuance of a multifamily housing revenue note to finance completion of Candlestick Heights, a 196-unit affordable family rental development.
Joan McNamara of the Mayor—s Office of Housing said the project, located at the Jamestown Avenue site described to the committee, had 66 units built originally and will be reprogrammed so the sponsor can complete the remaining 130 units. "When completed, Candlestick Heights will be a 196 unit affordable family housing development," she said.
McNamara said the project is being developed without any City financial contributions. All units will be affordable to households earning no more than 60 percent of area median income (AMI) — cited as $61,800 for a family of four — and 43 units will be restricted to households at or below 50 percent AMI (cited as $51,500 for a family of four). Sponsors named included Holiday Development, L&L M Development Partners and Bayview Hunters Point Multipurpose Senior Services; financing sources cited included Citibank and tax credit equity by Wells Fargo Bank.
With committee support the sponsor expected financing to close within two weeks and the first phase occupied by April 2013, with final units completed by April 2014.
Public comment on the item was not offered; the committee took the motion and moved the resolution forward without objection.
