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Committee forwards $18.5M MOHCD loan and bond authority to rehab 1303 Larkin Street
Summary
The committee recommended approval of bond and loan authority to finance rehabilitation of 1303 Larkin Street, a 63‑unit affordable project operated by Chinatown Community Development Center; MOHCD said the financing recasts existing loans, adds funding for immediate repairs and converts many SROs to studios.
The Budget & Finance Committee on Oct. 22 voted to forward two approvals that will enable rehabilitation and recapitalization of 1303 Larkin Street, a 63‑unit affordable property operated by Chinatown Community Development Center (CCDC).
William Wilcox, MOHCD bond program manager and project manager for 1303 Larkin, explained the package includes tax‑exempt bonds (to secure 4% LIHTC equity) and a MOHCD loan not to exceed about $18.5 million to fund acquisition, rehabilitation and permanent financing. Work will add five units (bringing the total to 68 by MOHCD count), convert SROs to studios or one‑bedrooms, modernize elevators and utilities, convert the property to all‑electric systems and address waterproofing.
Wilcox said the transaction is mostly a recasting of previous loans and that there was no new subsidy request today. MOHCD said timely bond closing is necessary to preserve a federal basis boost that increases tax‑credit equity. The committee forwarded the items to the full Board with a positive recommendation.
