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Committee advances plan for 136‑unit permanent supportive housing at 16th & Mission
Summary
The Budget & Finance Committee forwarded resolutions authorizing up to $60M in multifamily housing revenue bonds and related city loans and ground lease to finance a 136‑unit permanent supportive housing project at 2970 16th Street; sponsors described a layered financing package including No Place Like Home funds, tax‑credit equity and HUD vouchers, plus a behavioral‑health services space funded by a capitalized operating subsidy reserve.
The committee voted unanimously to forward two resolutions that would enable construction of a 136‑unit, 100% permanent supportive housing project at 2970 16th Street, adjacent to the 16th & Mission BART station.
Jenny Collins of MOHCD said the project will use a mix of financing including tax‑exempt and taxable bonds up to $60 million, a city loan of up to $61,163,787, $16 million in No Place Like Home (NPLH) funds, tax credit equity and partner financing. The project will dedicate 40 units to formerly homeless households funded with state NPLH funds and include roughly 1,500 square feet of on‑site behavioral health services; MOHCD and the Department of Homelessness and Supportive Housing said the services will be funded in part by a capitalized operating subsidy reserve supported by NPLH ($11.9M over 20 years).
Speakers from BART, building trades, neighborhood groups, nonprofit sponsors and formerly unhoused residents spoke in favor during the public comment period, urging timely approval to break ground this year. The committee forwarded both items to the full Board with a positive recommendation.
