Concerns over funding could sideline Marin public housing residents' plan to convert dilapidated rentals into co-op - San Francisco Business Times

Housing Authority Board of Commissioners in Marin County is scheduled to consider two separate proposals Tuesday to remake Golden Gate Village, a Marin City affordable housing rental property.

old, rodent infestations, faulty wiring and tenants rights violations, according to multiple lawsuit filed over the past decade.— whose members are also the Marin County Board of Supervisors — How the rehabilitation would be financed is where the plans split. The MHA is proposing to renovate the property using a permanent loan, the Low Income Housing Tax Credit equity and a development subsidy. To allow for the use of LIHTC, a limited partnership would be formed with an investor to own Golden Gate Village, with MHA serving as the general partner and responsible for its day-to-day operations.

Proponents of the MHA plan say the co-op conversion and financing plan is too risky and could prevent the much-needed investment in the property from taking place as soon as possible. The MHA also stands to lose federal funding if it misses HUD deadlines associated with its corrective action plan. The Resident Council acknowledges that its plan would result in a $26 million financing gap, but says it has identified a list of funding sources to bridge that gap, including Community Development Block grants related to historic preservation, climate change and sustainability grants, as well as funding from foundations and from the county.

Andrews said that turning the units into owner-occupied housing would"narrow the aperture of who would live" at Golden Gate Village.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Most Admired CEOs: John Sensiba of Sensiba San Filippo LLP - San Francisco Business TimesSensiba San Filippo LLP Managing Partner John Sensiba talks growth and becoming a B Corp: 'We went from 190 people at the beginning of the pandemic in our firm to over 350 people today.'
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

San Francisco's newest condo developments reap diverging fortunes - San Francisco Business TimesWhile some towers are at or near capacity, other developments, especially South of Market, have multiple units unsold. Vancancy tax will help. Lmao.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Concerns over funding could sideline Marin public housing residents' plan to convert dilapidated rentals into co-op - San Francisco Business TimesThe Resident Council acknowledged that its plan to turn the public housing complex into a co-op would result in a $26 million financing gap, but says that it has identified a list of funding sources to bridge that gap.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Most Admired CEOs: Robert Sanchez of Casa Sanchez Foods - San Francisco Business TimesThe third generation leader of one of the Bay Area's most prominent family businesses dishes on the secrets of lasting success. It's great to hear a positive story about a product I've enjoyed for years.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Most Admired CEOs: Jacqueline Garcel of Latino Community Foundation - San Francisco Business TimesJacqueline Martinez Garcel was born in Washington Heights in Manhattan, but her family moved back to the Dominican Republic when she was young. Her identity was sealed.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »