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Prop N bond reports show $283.7M issued, most funds spent on demolitions; fewer stabilizations than goal
Summary
Quarterly status reports showed the city issued $283.7 million in neighborhood improvement bond proceeds, spent roughly $232M–$246M across reports mainly on residential demolitions, and reported about 2,700 stabilized homes compared with an original target of 6,000; staff said they will investigate the gap.
Legislative Policy Division staff updated the committee on the status of Neighborhood Improvement (Prop N) bond proceeds across multiple quarterly reports during the Oct. 8 meeting.
Presenters said $283.7 million in bond proceeds were available following two bond sales (Feb. 2021 and July 2023). Reported expenditures grew across the…
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