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Housing Authority authorizes Restore Rebuild submissions for 1303 Larkin and 2970 16th Street
Summary
The Housing Authority authorized staff to submit evidentiary documents to HUD under the Restore Rebuild program for 1303 Larkin Street (32 units) and 2970 16th Street (122 units), approving mixed-finance steps that will convert public housing to RAD project-based vouchers; commissioners asked detailed questions about resident transitions and budget risk related to rent augmentation.
The Housing Authority of the City and County of San Francisco on Oct. 23 authorized the acting executive director to submit evidentiary documents to the U.S. Department of Housing and Urban Development for Restore Rebuild financing for 1303 Larkin Street and 2970 16th Street, a step that moves both projects forward in the HUD RAD conversion process.
William Wilcox, bond program manager at the Mayor’s Office of Housing and Community Development, said 1303 Larkin is a 63-unit, 100% affordable property that will add five units and convert many SROs into studios and one-bedroom units. He said the authority is providing a permanent mortgage and a city pre-development and immediate-repair contribution of $2,500,000, and that the Chinatown Community Development Center will make a…
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