Board committee hears plan for 83-unit supportive housing at 650 Eddy, seeks CDLAC bond allocation

The San Francisco Board of Supervisors’ Budget & Finance Committee on Tuesday heard a staff presentation on a proposed bond allocation to finance 83 units of supportive housing at 650 Eddy Street.

City staff said the mayor’s office of housing and the San Francisco Redevelopment Agency have invested about $5.4 million so far and that the city would apply to the California Debt Limit Allocation Committee for up to $19.5 million in tax-exempt mortgage revenue bonds to provide construction financing. If CDLAC awards an allocation, the city would return to the Board for approval to issue the bonds.

A city representative told the committee the project would be targeted to chronically homeless families and individuals and would include ground-floor retail, community space and service space. Staff said the development team expects to begin construction in February if the recruitment and financing schedule hold.

Committee members focused questions on the capital campaign: the presenters said roughly half the project financing is committed, that about $2.7 million has been raised to date, and that the remaining $38 million-plus will be sought through charitable fundraising and other financing sources. The presenters said they have engaged an experienced capital campaign leader and a qualified prospect list to accelerate fundraising.

There was no public comment on the item and a committee member moved the item forward; the item remains in the committee’s hands for the next steps in approving any bond issuance.