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Committee OKs technical reissuance of $19.2 million housing bonds for Broadway/Battery project
Summary
The Budget & Finance Committee voted to forward a resolution approving the technical reissuance of up to $19.2 million in multifamily housing revenue bonds for an 81-unit affordable family housing project at Broadway and Battery; staff said the change is procedural with no fiscal impact to the city.
Theresa Yonga of the Mayor’s Office of Housing asked the committee to approve the reissuance of up to $19.2 million in 2004 multifamily housing revenue bonds tied to an 81-unit affordable family housing project at Broadway and Battery. "We reissued the bonds in 02/2004," Yonga said, describing the current request as a technical reissuance to modify maturity dates and definitions so permanent financing can close with the California Community Reinvestment Corporation and the state.
Budget staff confirmed the reissuance would not have a fiscal impact on the City and County of San Francisco and that no budget analyst report was required. After no public comment, a supervisor moved to forward the resolution to the full Board with recommendation; the committee took that motion without objection and the item will go to the Board for final action.
The committee’s action preserves the project’s financing timetable while staff works to finalize permanent financing documents with state and nonprofit partners. The Board will receive the item for final consideration on the full agenda.
