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Committee backs $8.1 million bond assistance for Fell Street Apartments to preserve 55 years of affordability
Summary
Supervisors advanced authorization for up to $8.1 million in multifamily housing revenue bonds to finance acquisition and rehab of the 82-unit Fell Street Apartments targeting families at 50–60% AMI; Bridge Housing and the Mayor's Office of Housing said the project required no new city financing and preserves long-term affordability.
The Budget and Finance Committee advanced a resolution authorizing issuance of up to $8.1 million in multifamily housing revenue bonds to finance acquisition and rehabilitation of the 82-unit Fell Street Apartments, a project intended to preserve housing for families at 50–60% of area median income for another 55 years.
Supervisor Mercurini described the project at 333 Fell Street as an 82-unit building with an average occupancy of 99% and a resident population that includes children and seniors. Joan McNamara of the Mayor's Office of Housing said Bridge Housing completed initial rehab work without additional city funds and that the redevelopment agency previously provided $1.5 million for the building when it was built; Kevin Leitner of Bridge Housing thanked the supervisor and agency staff for support.
The project will include green rehabilitation measures, such as photovoltaic and solar thermal systems, and aims to preserve current residents in place during the work. The budget analyst indicated no impact to the city's general fund and the committee approved sending the item forward with recommendation without objection.
Next steps: The resolution will be forwarded to the Board for final action on bond issuance and related approvals to complete the financing and rehabilitation.
