This resolution allows San Francisco to reimburse certain expenses using up to $58 million from future tax-exempt bonds for a project at 4200 Geary Boulevard. It also authorizes the Mayor’s Office of Housing and Community Development to apply for the necessary approvals to issue these bonds.
Resolution declaring the intent of the City and County of San Francisco (“City”) to reimburse certain expenditures from proceeds of future tax-exempt bonded indebtedness in an aggregate principal amount not to exceed $58,009,000 in one or more series of bonds on a tax-exempt or taxable basis; authorizing the Director of the Mayor’s Office of Housing and Community Development (“Director”) to submit an application and related documents to the California Debt Limit Allocation Committee (“CDLAC”) to permit the issuance of residential mortgage revenue bonds in an aggregate principal amount not to exceed $58,009,000 for 4200 Geary Boulevard (San Francisco, California 94118); authorizing and directing the Director to direct the Controller’s Office to hold in trust an amount not to exceed $100,000 in accordance with CDLAC procedures; authorizing the Director to certify to CDLAC that the City has on deposit the required amount; authorizing the Director to pay an amount equal to such deposit to the State of California if the City fails to issue the residential mortgage revenue bonds; authorizing and directing the execution of any documents necessary to implement this Resolution, as defined herein; and ratifying and approving any action heretofore taken in connection with the Project, as defined herein, and the Application, as defined herein.
How it got here
This legislation originated from the need to finance the construction of affordable housing at 4200 Geary Boulevard in San Francisco.
The City enacted the Residential Mortgage Revenue Bond Law to facilitate the issuance of bonds for affordable housing financing.
The City is empowered under California Health and Safety Code to issue bonds for financing multi-family rental housing.
The Borrower requested the City to assist in financing a 98-unit affordable housing project at 4200 Geary Boulevard through bond issuance.
The resolution declaring the intent to reimburse expenditures from future tax-exempt bonds was received and assigned.
The Budget and Finance Committee recommended the resolution for passage.
The Board of Supervisors adopted the resolution to authorize the bond issuance for the project.
The Mayor approved the resolution, allowing the project to move forward.
Reconstructed from attached documents & the official record