San Francisco declares intent to issue $100M in residential mortgage revenue bonds
April 21, 2021 | San Francisco County, California
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The San Francisco County government meeting on July 4, 2025, focused on several key resolutions aimed at enhancing affordable housing and community development through bond financing.
The meeting highlighted three significant items related to the issuance of residential mortgage revenue bonds. The first resolution proposes a bond issuance not exceeding $100 million for a new affordable housing project on Treasure Island, which will include 138 units, with a portion designated for existing residents earning between 30% to 136% of the area median income. The second item seeks to authorize a bond of up to $16.5 million for the rehabilitation of the Knox Single Room Occupancy (SRO) at 241 Sixth Street, which will provide 140 units, primarily for households earning at or below 40% of the area median income. The third resolution involves a bond issuance of up to $60 million for the rehabilitation of scattered public housing sites across San Francisco, ensuring that all residents will have the right to return post-rehabilitation.
Joyce Lehi from the Mayor's Office of Housing and Community Development presented these items, emphasizing that the proposed bond issuances would not require the city to pledge any funds for repayment. The committee members expressed strong support for these initiatives, recognizing the importance of revitalizing long-overlooked housing sites.
In addition to the housing resolutions, the meeting also addressed the retroactive approval of funding from the CARES Act for community development. This includes a $9.6 million allocation for the third round of Community Development Block Grant funds aimed at supporting economic recovery and addressing homelessness. The proposed funding will enhance infrastructure for community-based organizations and provide emergency rental assistance, among other initiatives.
The committee unanimously moved to recommend these items to the full board, with plans for further discussions and approvals in the coming months. The anticipated timeline for closing financing on these projects is set for February 2022, pending bond allocation approval in August.
Overall, the meeting underscored San Francisco's commitment to addressing housing needs and supporting community development through strategic financial initiatives.
The meeting highlighted three significant items related to the issuance of residential mortgage revenue bonds. The first resolution proposes a bond issuance not exceeding $100 million for a new affordable housing project on Treasure Island, which will include 138 units, with a portion designated for existing residents earning between 30% to 136% of the area median income. The second item seeks to authorize a bond of up to $16.5 million for the rehabilitation of the Knox Single Room Occupancy (SRO) at 241 Sixth Street, which will provide 140 units, primarily for households earning at or below 40% of the area median income. The third resolution involves a bond issuance of up to $60 million for the rehabilitation of scattered public housing sites across San Francisco, ensuring that all residents will have the right to return post-rehabilitation.
Joyce Lehi from the Mayor's Office of Housing and Community Development presented these items, emphasizing that the proposed bond issuances would not require the city to pledge any funds for repayment. The committee members expressed strong support for these initiatives, recognizing the importance of revitalizing long-overlooked housing sites.
In addition to the housing resolutions, the meeting also addressed the retroactive approval of funding from the CARES Act for community development. This includes a $9.6 million allocation for the third round of Community Development Block Grant funds aimed at supporting economic recovery and addressing homelessness. The proposed funding will enhance infrastructure for community-based organizations and provide emergency rental assistance, among other initiatives.
The committee unanimously moved to recommend these items to the full board, with plans for further discussions and approvals in the coming months. The anticipated timeline for closing financing on these projects is set for February 2022, pending bond allocation approval in August.
Overall, the meeting underscored San Francisco's commitment to addressing housing needs and supporting community development through strategic financial initiatives.
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