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Committee advances 99-year ground lease and $28 million rehab for O'Farrell Towers senior housing
Summary
The Land Use and Transportation Committee voted without objection to forward a resolution authorizing an amended 99-year ground lease for O'Farrell Towers at 477 O'Farrell Street, enabling a $28 million rehabilitation of 101 senior units using seller financing and tax credits with no additional city capital subsidy.
The Land Use and Transportation Committee on [date not specified] voted to forward to the full Board of Supervisors a resolution authorizing an amended and restated ground lease for 477 O'Farrell Street (O'Farrell Towers), a 12-story, 101-unit senior building.
Supervisor Jane Kim, sponsor of the legislation, said the amendment would extend the lease term — an initial 65 years with an option to extend another 34 years for a total of 99 years — to preserve the building as permanently affordable housing for low- and very-low-income seniors. "This is a building that, is an…
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