Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Gary Boulevard Project topic
No spam. Unsubscribe anytime.
Committee forwards inducement resolution for Gary Boulevard senior housing project seeking up to $38 million in bonds
Summary
The committee forwarded an inducement resolution for the Gary Boulevard Senior Living and Health Center, a Bridge Housing/Institute on Aging project proposing 150 affordable senior units and a senior clinic; the Mayor’s Office of Housing said it has invested about $16.2 million and will seek up to $38 million in CDLAC mortgage revenue bonds.
The Government Audit and Oversight Committee forwarded to the full Board of Supervisors an inducement resolution to permit the issuance of qualified mortgage revenue bonds for the Gary Boulevard Senior Living and Health Center.
Anne Romero, project manager at the Mayor's Office of Housing, told the committee the project will be located on the former Coronet Theater site and is being developed by Bridge Housing Corporation in partnership with the Institute on Aging. Romero said the development will provide 150 units of affordable senior housing located above a senior health clinic and service space; the Mayor's Office of Housing has invested roughly $16.2 million in the housing portion of the development. The office seeks a bond allocation from the California Debt Limit Allocation Committee (CDLAC) of up to $38 million to help finance the affordable housing portion, and Romero said the city will return to the Board in August to seek approval to issue bonds if a CDLAC allocation is received.
There was no public comment on the item and the committee, without objection, forwarded the inducement resolution to the full board with a recommendation.
