The City and County of San Francisco approved an amendment to the Indenture of Trust securing Multifamily Housing Revenue Bonds, totaling up to $47,833,736, for the acquisition and rehabilitation of 69 affordable housing units spread across five sites in San Francisco. This amendment enables the City to reclaim $1.8 million in rent reserves over three years, facilitating ongoing financial adjustments and ensuring the long-term viability of these affordable housing projects.
This amendment is crucial for maintaining the financial sustainability of these affordable housing units, ensuring they remain accessible to low-income residents, and providing a mechanism for the City to recover funds for further housing initiatives.