Preservation and Seismic Safety (PASS) Program CGOBOC Presentation May 2019 Mayor’s Office of Housing and Community Development City and County of San Francisco 1
Key Milestones: • 1992 – Proposition A: $350M SSLP Program Approved • 2016 – Proposition C: $260.7M PASS Program Approved Background • 2019 – First PASS Issuance: $72.4M 2019A PASS Program: Low-cost, long-term, and nimble debt financing not available on the conventional market Eligible Uses • Acquisition/rehabilitation, preservation, and seismic retrofits of affordable housing • Small Sites (buildings with 5-25 units) • Larger multifamily and mixed-use residential buildings (25+ units) • Single-Room Occupancy hotels (SRO) What’s not eligible • New construction • Acquisition without rehabilitation Mayor’s Office of Housing and Community Development 2
Market Rate Rent vs Affordable Rent 80% AMI - $75,750 for a family of 2 Widening $7,000 Affordability Gap $6,000 $5,000 $3,432 $4,000 $2,419 $3,000 $1,556 $2,000 $1,000 $0 1BR (2 people) 2BR (3 people) 3BR (4 people) Affordable Rent Affordability Gap Mayor’s Office of Housing and Community Development 3
Displacement Mayor’s Office of Housing and Community Development 4
270 Turk Street OPERATING BUDGET Affordable Rents 1,431,770 Sponsor TNDC Operating Expenses 771,193 Neighborhood Tenderloin, District 6 Net Operating Income 660,577 Loan Closing Date Expected in March 2020 Program Type PASS, Big Sites Number of Units 69 studios SOURCES & USES 17 one bedrooms Conventional Loan PASS Loan Remarks 86 total units 5.50% 3.41% Interest Rate 30 40 Term Total Bond Funding $13.1 million Total Development Cost $27.5 million Uses Senior Loan 8,813,000 13,100,000 Gap / (Surplus) 18,687,000 14,400,000 Total Sources 27,500,000 27,500,000 Uses Acquistion 19,500,000 19,500,000 Rehabilitation 3,500,000 3,500,000 Soft Costs 4,500,000 4,500,000 Total Uses 27,500,000 27,500,000 Notes: Figures are for illustrative purposes only Mayor’s Office of Housing and Community Development 5
• Originations Next Steps & • Reporting on Metrics of Success Questions • Future bond issuances • Second Issuance: Series 2020A • Third Issuance: Series 2022A • Fourth Issuance: Series 2024A Mayor’s Office of Housing and Community Development 6
Preservation and Seismic Safety (PASS) Program CGOBOC Presentation May 2019 Mayor’s Office of Housing and Community Development City and County of San Francisco 7
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