Committee approves financing package to build 98 affordable senior units at 4200 Geary

The Budget & Finance Committee voted to forward two items to the full board authorizing financing and property actions to enable 4200 Geary, a 98‑unit, 100% affordable senior housing development.

Sheila Nicolopoulos, MOHCD director of policy, and project manager Ophelia Walsh presented the project scope and financing. Walsh said MOHCD will acquire the property for about $11,064,369 and enter a ground lease back to the sponsor; MOHCD's permanent loan to the sponsor is up to $20,537,592. Item 12 would authorize tax‑exempt multifamily housing revenue bonds in an aggregate principal amount not to exceed $60 million to finance construction.

Walsh said 4200 Geary includes 41 studios and 57 one‑bedroom units with a mix of local operating subsidy units and units affordable at varying area‑median‑income bands, as well as 12 Veterans Affairs–supported housing units. She said construction would begin in April 2023 with an anticipated completion in December 2024.

The Budget and Legislative Analyst reported a development budget of approximately $87 million (about $890,000 per unit) and a city subsidy of roughly $322,000 per unit. BLA recommended approval. Supervisors expressed concerns about high per‑unit costs and encouraged continuing efforts to lower per‑unit subsidy levels, while affirming the need for senior units in high‑resource neighborhoods. The committee forwarded both items with positive recommendations.