This resolution allows San Francisco to participate in a program that recycles private activity bond volume caps to support multifamily housing projects. It also authorizes the city to enter into agreements and make necessary amendments to facilitate this process.
Resolution authorizing participation in the California Housing Finance Agency private activity bond volume cap recycling program; authorizing a memorandum of understanding with the California Housing Finance Agency regarding such participation; authorizing certain amendments to legal documents relating to the City’s multifamily housing revenue bonds and notes in order to facilitate such recycling, as defined herein; authorizing the collection of certain fees, as defined herein; ratifying and approving any action heretofore taken in connection with such recycling, as defined herein; granting authority to City officials to take actions necessary to implement this Resolution, as defined herein; and related matters, as defined herein.
How it got here
The legislation originated from the need to facilitate affordable housing financing through a partnership with the California Housing Finance Agency.
CalHFA proposed a program to recycle private activity bond volume cap to facilitate financing for affordable rental housing in California.
MOHCD prepared a memorandum of understanding with CalHFA to participate in the volume cap recycling program, which was presented to the Board of Supervisors.
The Budget and Finance Committee recommended the resolution for participation in the CalHFA program.
The Board of Supervisors adopted the resolution authorizing participation in the CalHFA volume cap recycling program.
Mayor Breed approved the resolution, allowing the City to enter into the MOU with CalHFA.
Reconstructed from attached documents & the official record
