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Committee backs MOHCD loan package to refinance and rehabilitate 15 META small‑sites
Summary
The committee voted unanimously to forward a request by the mayor's office of housing to consolidate and refinance existing Small Sites Program loans and provide up to $6.24M in new SSP funding plus a $13M first‑position loan from Bank of San Francisco to support rehabilitation and long‑term stabilization of 15 META properties totaling 89 units.
The Budget & Finance Committee voted to forward a financing package to refinance and stabilize 15 small‑site properties owned by the Mission Economic Development Agency (META). MOHCD described the proposal to consolidate approximately $31.58 million in existing Small Sites Program (SSP) loans across the 15 sites, add up to $6.24 million in new SSP funds, and secure a $13 million first‑position loan from the Bank of San Francisco.
MOHCD staff explained the bundling will reduce annual debt service by roughly $340,000 under the reunderwritten assumptions, improve cash flow, and support rehabilitation work at 14 of the 15 sites (exterior siding, windows, electrical upgrades, roof work and unit repairs). Jackie Tso, MOHCD director of multifamily asset management and preservation, said vacancy rates have improved (from ~13% to ~7%) and noted efforts to stabilize operations and replenish reserves.
Supervisors asked about Prop G and operating subsidies; MOHCD clarified Prop G funds are not being used for this refinance and that Prop G's NOFA is expected later this year with deployment next year. The committee voted 3–0 to forward the request to the full Board.
