According to the City and County of San Francisco Residential Mortgage Revenue Bond Law, the City of San Francisco is empowered to issue and sell mortgage bonds “to finance the development of multi-family housing including units for lower income households and very low income households.”
With 15 percent of the proposed 88 apartments to be built at 2175 Market Street earmarked to be affordable, as is required for development per San Francisco’s Planning Code, this week San Francisco’s Board of Supervisors is slated to approve the issuance of up to $31,000,000 in tax-exempt mortgage revenue bonds to help finance Forest City’s mostly market rate project.
∙ From 76 Station To 88 Apartments At 2175 Market Street As Proposed [SocketSite]
∙ A Negative Yet Positive Step Forward For 2175 Market Street Project [SocketSite]
∙ Multifamily Housing Revenue Bonds Resolution: 2175 Market Street [sfbos.org]
∙ Raising The Threshold For Requiring Below Market Rate (BMR) Units [SocketSite]