This resolution allows the City to issue up to $60 million in bonds to finance the construction of a 136-unit rental housing project at 2970-16th Street. It also approves various agreements and authorizes city officials to take necessary actions to implement the project.
Resolution authorizing the issuance and delivery of multifamily housing revenue bonds in one or more series in an aggregate principal amount not to exceed $60,000,000 for the purpose of providing financing for the construction of a 136-unit multifamily rental housing project located at 2970-16th Street, known as “2970 16th Street”; approving the form of and authorizing the execution of an indenture of trust providing the terms and conditions of the bonds; approving the form of and authorizing the execution of a loan agreement providing the terms and conditions of the construction loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants for the project; approving the form of and authorizing the execution of an assignment of deed of trust documents; authorizing the collection of certain fees; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance and sale of residential mortgage revenue bonds by the City in an aggregate principal amount not to exceed $60,000,000; approving modifications, changes, and additions to the documents; ratifying and approving any action heretofore taken in connection with the indenture of trust, the loan, the bonds, and the project; granting general authority to City officials to take actions necessary to implement this Resolution; and related matters, as defined herein.
How it got here
This legislation originated from the need to finance the construction of a 136-unit multifamily rental housing project at 2970-16th Street, driven by community advocacy for affordable housing.
The Board adopted Resolution No. 009-23, allowing the Mayor to execute an Inducement Certificate to declare the City's intent to reimburse expenditures for a multifamily rental housing project and to authorize the submission of an application to CDLAC for bond issuance.
The Mayor executed an Inducement Certificate to reimburse project expenditures from future tax-exempt multifamily housing revenue bonds and authorized the Director of MOHCD to submit an application to CDLAC.
CDLAC adopted Resolution No. 25-232, allocating $54,544,222 in qualified private activity bond volume cap for the project.
A notice for a public hearing regarding the issuance of multifamily affordable housing mortgage revenue bonds was published, complying with TEFRA requirements.
A public hearing was conducted to gather comments on the proposed bond issuance, with no public opposition recorded.
The Mayor's Office submitted a resolution to the Board of Supervisors to authorize the issuance of multifamily housing revenue bonds for the project.
The Board adopted the resolution authorizing the issuance of up to $60 million in multifamily housing revenue bonds for the construction of the project.
The Mayor approved the resolution, finalizing the authorization for the bond issuance.
Reconstructed from attached documents & the official record
The resolution approves a 75-year ground lease for city-owned property at 2970-16th Street to develop a 136-unit affordable housing project for formerly homeless individuals. It also authorizes a loan of up to $61.2 million to finance the project and allows for construction staging on the property at no cost for up to three years.
The resolution approves a 75-year ground lease for city-owned property at 2970-16th Street to develop a 136-unit affordable housing project for formerly homeless individuals. It also authorizes a loan of up to $61.2 million to finance the project and allows for construction staging on the property at no cost for up to three years.
This resolution allows the City to issue certificates that declare its intent to reimburse costs for multifamily rental housing projects using residential mortgage revenue bonds. It also grants authority to approve these bonds to finance such projects in San Francisco.
