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MOHCD tells oversight committee GO bonds remain critical as pipeline struggles to secure state allocations
Summary
MOHCD officials briefed GOBOC on 2016, 2019 and 2024 affordable‑housing general obligation bonds, describing how the city uses bond proceeds as low‑cost loans and to leverage tax credits and federal subsidies while noting rising costs and continued reliance on voter‑approved bond authority.
Lydia Ealy, deputy for housing at the Mayor’s Office of Housing and Community Development, told the General Obligation Bond Oversight Committee that the city relies heavily on voter‑approved general obligation (GO) bonds to fund affordable housing projects as other local revenue sources have diminished.
Ealy said the 2019 bond was a “$600,000,000 bond, the biggest bond yet,” issued in multiple tranches to support public housing revitalization, low‑income units, preservation and senior housing. She described the city’s approach as keeping project design flexible at issuance because many projects depend on unpredictable state allocations and tax credit timing.
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