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Committee forwards $28M mortgage-revenue bonds for Mason Street Apartments
Summary
The committee heard a brief presentation from the Mayor's Office of Housing and forwarded a resolution authorizing up to $28 million in multifamily housing revenue bonds for an 81-unit affordable rental development at 125 Mason Street to the full board with recommendation.
Joel Lipsky of the Mayor's Office of Housing presented Item 11, a request to authorize issuance of multifamily housing revenue bonds not to exceed $28 million to finance an 81-unit affordable rental development at 125 Mason Street. Lipsky described the proposal as inclusionary housing provided by Millennium Mission Street partners and said the conduit financing would not require a city pledge for repayment.
Committee members had no additional questions that required extended discussion, no members of the public testified on the item, and the committee closed public comment and forwarded the resolution to the full Board with recommendation without objection.
Next steps: The resolution will appear on the Board calendar for further consideration and potential adoption; as conduit financing, the bonds are structured so that repayment would not be a city liability under the terms described at the meeting.
