San Francisco plans $58M in bonds for affordable housing at 4200 Geary Boulevard

The San Francisco County government meeting on July 4, 2025, addressed several key agenda items, with a significant focus on a proposed resolution regarding the financing of a new affordable housing project.

The meeting began with the introduction of Item 14, a resolution declaring the intent of the city and county of San Francisco to reimburse certain expenditures from proceeds of future tax-exempt bonded indebtedness. The resolution proposes an aggregate principal amount not to exceed approximately $58 million for one or more series of bonds. This funding is intended for the development of a senior affordable multi-family housing project located at 4200 Geary Boulevard.

Ryan Van Zylin, a project manager from the Mayor's Office of Housing and Community Development, presented the details of the proposed bond issuance. He explained that the resolution would enable the project to apply for tax-exempt bond financing through the California Debt Limit Allocation Committee (CDLAC). Importantly, this financing will be conduit financing, meaning the city will not need to pledge any of its funds for the repayment of the bonds.

The 4200 Geary Boulevard project, developed by the Tenderloin Neighborhood Development Corporation (TNDC), will consist of 98 units. Over half of these units will be designated for households earning less than 25% of the San Francisco County area median income (AMI), while the remaining units will serve households earning less than 50% AMI. Additionally, 20% of the units will be set aside for formerly homeless seniors.

If the project receives the necessary bond allocation, the Mayor's Office of Housing and Community Development plans to return to the board for bond issuance approvals later in the winter. The financing for the project is anticipated to close in the fall of 2022.

The meeting concluded with an invitation for public comment, allowing community members to voice their opinions on the proposed resolution. Overall, the discussions highlighted the city's ongoing commitment to addressing affordable housing needs, particularly for vulnerable populations such as seniors and formerly homeless individuals.