This resolution approves changes to the trust agreement for two sets of Multifamily Housing Revenue Bonds totaling approximately $47 million, which will fund the acquisition and renovation of a 69-unit affordable housing project across five locations in San Francisco. It also allows city officials to take necessary actions to implement these changes.
Resolution approving the form and authorizing the execution and delivery of an amendment to the Indenture of Trust securing the City’s $40,776,000 maximum principal amount of Multifamily Housing Revenue Bonds (SFHA Scattered Sites), Series 2022A-1 and its $7,057,736 maximum principal amount of Multifamily Housing Revenue Bonds (SFHA Scattered Sites), Series 2022A-2 (Taxable), which provide financing for the acquisition and rehabilitation of a 69-unit, affordable multifamily rental housing project, consisting of five sites located at 4101 Noriega Street, 363 Noe Street, 200 Randolph Street/409 Head Street, 2206-2268 Great Highway and 2215-2263 48th Avenue, and 1357-1371 Eddy Street (also known as 1353-1367 Eddy Street) known as “SFHA Scattered Sites” within the City; approving modifications, changes and additions to such amendment; ratifying and approving any action heretofore taken in connection with such amendment; granting general authority to City officials to execute and deliver documents and take actions necessary to implement this Resolution, as defined herein; and related matters, as defined herein.
How it got here
This legislation originated from the need to amend the Indenture of Trust for the Multifamily Housing Revenue Bonds issued for the SFHA Scattered Sites project, allowing for the return of reserve funds to the City.
The Board adopted Resolution No. 18-22, authorizing the issuance of $40,776,000 in tax-exempt and $7,057,736 in taxable Multifamily Housing Revenue Bonds for the SFHA Scattered Sites project.
A public hearing was held regarding the issuance of tax-exempt multifamily housing revenue bonds for the project, allowing for community input.
The Indenture was amended to facilitate the recycling of private activity bond volume cap, allowing for adjustments in financing.
The Board adopted a resolution to approve a second amendment to the Indenture of Trust, allowing for the release of reserve funds to repay a portion of the MOHCD Loan.
The Budget and Finance Committee recommended the resolution for the second amendment to the Indenture.
The Mayor's Office prepared the necessary documentation for the second amendment to the Indenture, which was presented to the Board.
Reconstructed from attached documents & the official record
