>> i want to welcome to grand opening of 921 howard street. this beautiful building right up here. this is 18 stories of hundred percent ableousing. happens to be the tallest affordable housing in san francisco. our tallest building in our portfolio and it is a k mo building and really appreciate everyone who was involved in the process and all the pelive here.will celebrate this accomplishment today, but we can't do this

without acknowand the collaboration from some of our partners this includes sharmain curtis from curtis development [applause] the offi. swinerten construction. bank of america. [applause] cal hsa and many others. [applause] a ribbon cuten ceremony when the building is fully at means today we have 203 families aninliving in this wonderful building right here. they are close to public transportation, shopping, restaurants, and cultural institutions like museums and yerba buena gardens. are here to celebrate. at this time, i want to invite my co

ceo katie lamont and sharmain kurting to come up and talk about the story how weth building and what is special about 921 howard. [applause] >> thank you i'm so pleased to be standing here rmai many may xoe, i worked at tndc a long time and started lee housing development department and this development has en germinating for a long time, and sharmain my partner in navigating our way forward to get to this place todayand i'm so grateful she is our codeveloper on is project. so, little about the story how we got to this ac■4 as many know, soma had a lot of market rate development and are a of deeply affordable development, but little to no income

development, and the time we were conceiving this development there was a lot of call for more moderate income housing and 921 howard tndc and kurting development persevenproviding affordable housing as a broad income levels. this unique we serve with extremely low income and moderate finance agency.d by the it is also located across the street from the 5m development and benefits from all of those e outdoor amenities. contribung community. we are so grateful to the mayor's office of housing an development for steadfast support over zoning rs as we pursued through the central soma plan and assembled financing. pecily grateful to the planning department, including steve wartime now moved on d doing great things at had state legislature. through the central plan,

the department helped us to substantially upzone this propety it was zoned to support 175 homes in story building and tod are delivering 203 homes in the and the second phase on the side of the street that frontshoward is scheduled to be developed with another mes. 921 howard is also one of the most cost effective affordable housing development s in san francisco. it has a cost effective design, thank you perry and developed total development cost 10 percent then e fa it took 10 le housing and years to assemble financing. part of how we were able to minimize that acquisition carrying cost is unphilanthropic tech donor come d to support moderate housing in soma and he chose to invest through us and through the san francisco housing accelerator fund. so, we are gratefulto many

lenders that helped along the way, including d the very beginning, rpand state supported transit oriented affordable g prram. grateful to construction and perm lender to bank of america who gest loan taken out and tax cut investment. grateful cal hsa to support the middle income component and grateful to ofce of housing community development. with that, i ke to introduce sharmain. applse] >> thank you katie. so, katie gave thfacts, which are really good and important facts, especially around th income part of this project, which i'm passionate about personally. i will go more philosophical. ivilege to an no work with tndc the past decade we won't say exactly how many

years and to partner with them on the ■s of this amazing project. particularly grateful to katie and to don falk who trusted me to lead the charge when was hard to see light at the end of causth we had a lot of ups and downs and setbacks, but we persevered. lord knows we persevered and as the kids e these days, we been through it. it rtto this moment. i lowe celebrate key mile stones throughout the journey starting with ground breaking where we do the symbolic turning othf topping off ceremony to write the name on the steel beams the top beam and finally the grand openingism each is opportunity to recognize the small army of if you are not in the business it is hard to describe the mb folks

involved. getting a building built. udall the construction workers. hundreds, if not over a thousand people. a lot of work. i especially love the grand opening because thit is all about. beause why we do the there are right now over 200 households folks who may struggled to find affordable housing in san francisco over retle using in san francisco over the years, and now they are in a safe place where they have stable affordable housing really in purpitutety because that how is the city structures the project. each building feels like a miracle, it really does. it is just of getting a building built, whether you are buil s like mike and swinten folks or us be desks and on calls it an amazing feeling of accomplishment to make something where

there was nothing. i think housing and affordable housing and sufficient supply of housing is really kind of one the fundamental issues of our time, and so we did a ■álot more miracles like 921 howard to happe i just want to shout outs too, i want to say names because i worked in the trenches wi these folks. planning it department, them we wouldn't have [indiscernible] the swinerton team, sarah, austin, ga shawn and lovely boss lori who will speak in a minute, jaxson and ester who manage on the tndc side. perry archi is here, steve is on vacation. amazing architects and highly them and they had a great team

of engineers and consultants who worked to make this happen. our construction manager andy lar isn't here today. bruce and amy are here. uch with permitting and also just great plwork with. and last but not least, people who are not here, our financia consultants attorney california housing ibl the scenes heroes of the work of building affordable housing in the bay area. ment with that, l it over to supervisor matt dorsey. applse >> thank you so much. it is a honor represent district 6. this is a neighborhood where the we are building is really something that is a blue print what san ancisco will look a lo in the years to come and now we have a element where we are on the hook and we made a commitment we ■9 produce 82 thousand units of housing over

the next , and this is an we need.of the kind of housing it is an honor torupt represent a district 21 century urbanism could be. ont want a lot to thank and to get in the list and there is one person i want to mayor london breed to the leadership she is to housing in the city. two years ago i joined the board or little over 2 ecd in the november election but there was a early election of 1 mayor breed interviewing people who would be her appointee. i had a lot ofopinions what i wanted to do involving police staffing and recovery froug and issues and i'm a member--i thought was a housing nerd and london breed

was putting me througwher i stand on this and what--this is ally sweats the details on housing and cares about it because she knows what a big fference it can make. in the life cycle of projects, i always come to these with ground breakers and different kinds of things. ose who have been with me at complain if ering, i don't get a hard hat and shovel and vet. i'ma gay supervisor so i want the construction gear. i like the drag and ol in terms of the thing we are here to ma.ebrate, i was a great today =? we are celebrating the is m then 200 families who lives are improved because of what we are doing. this is probabthe most important thing we can celebrate is what accomplishing and let's keep doing it. thank you ndonbreed for her leadership and continued leadership. thank you everybody for your partnershiponthis and a lot

has to do with the financing and for i'm happy to introduce from ca hfa, the recent winner of the [indiscernible] sacramento business journal--i was saying earlier, i will lo google and find a obscure thing to say, please welcome, irwin tam. [applause] >> wow, that is-thank you so much. i guess i do appe on google. [laughter] i am excited to be here. i am excited to have taken the s on the subway and two blocks to get here and stopped for a cup of coffee that goes to show how important housing is and how important g is that is being developed closer to public transit and have here. as supervisor said, i'irwin tam, director of financing. we heard about the facts. we heard about the philosophy.

i guess i can talk about the numbers. people are excited about that. but first of all, cal is state affordal housing lender and under leshof tina hall and [indiscernible] cal hfa is delivering housing for low and moderate income californians state wide by working together. when of the organizations we work closely with is the mayor office housing and community development. not only on this project, but also in conjunction with apple and the mayor's office the bond recycling program and to date delivered additional $250 million tax exempt bonds, which otherwisewould go unused, accept for this partnership. we are really proud that rela with the mayor's office of housing community development. this project wasfunded through our

mixed income program and again, date, we have delivered 320million of subsidy funds across the state which reedmost 10 thousand units for low and moderate inco is a prime example of e clusive community we are trying to create for again, low and moderate income californians. we would again like to k the mayor office, tndc, bank of america, and fiancing scr i like to turn it over now to lori dunn. i didn't google you before hand. [applause [laughter] >> good morning. my name is lori dunn the vice president n manager for swinergon in the ha been an amazing

journey. fe fortunate to delive over 200 units to downtocisco. we are a community builder and we really appreciate the opportunity to not only construct a beautiful building,s but to also be giving to the community. we know how important this is to tndc, and to mayor breed and we id ourselves very lucky to have been a partner. we see this a very successful project with tndc, curtis development, perry architects and all our subcontractor trade partners. again, thank you for the opportunity. we are so excited to be able deliver this beautiful project. [applause] >> hi, everyone. liz from bank of america so honored to be here today and without fail, matter how chilly it can feel the sun

always comes out for these amazing opportunities. bank of america founded in the great y san francisco in 1904 and our purpose is help make financial lives better. of e do by supporting the inclusive communities and creating economic opportunity for lie hos just as we are seeing here today with this glorious new building.yearour community development banking group invested $7.85 billion across the united states creating hoinand economic opportunity. these funds created 13 thousand units of affordable housing and homes for families, seniors veterans formally homeless and oswi special needs. be a nk of america is proud to public private partnership tndc, curtis development, mayor office and city and county of francisco and cal hfa.

i will thank all th people we are thanking today. the mayor office, cal, tndc, kurting development and bank of america teammates, many of whom were able to join me today. thank you all. [applause] >> it sounds we are still waiting for ckily, i have rrive d been planning to talk to you about very important state and local measures that we like you to support. [laughter] as we all know, it is crit important to couple both local investment and state tmt for affordable housing like 921 howawe ve a state representative here, thank you irwin, we want to express how gratfuarto the state, the legislature for putting prop 5 on the ballot. prop 5 for those who don't know and hopefully learning more up to

november 5 be lowering the voter threshold for local bonds for things lida infrastructure like schools, parks, open ac health libraries and public transit. the state has been doing its part to e much easier for localities to raise funds to support affordable housing so please do your part and for prop 5 on november 5. this along with state enabling legislation that allowed for the thorities like the bay area housing finance agency, which serves the 9 county bay area, really t the stage for another important measure you will see on the ballot in november known as regional measure 4 and also known by people in our field the bofa bond, the bay area housing finance

en this bond will raise $20 io billion dollars, 2.4 for the city and county of san francisco. so, please we need voters throughout the whole region to vote for asure, and we need all of you to please do your part to speak about this to yoiendur family and networks and are to participate in which ever way you can to support the passage of it is critically important to our ability and city of san francisco as a whole to fund the pipeline it has and see and develop afrdable housing throughout our community. that's what i got. [laughter] [applause] thank you.we are grateful you are all here. we hope the mayor has her to thank you all and you have the opportunity to thank hewe thank you.

again send you off into the-- five minutes? oh, okay! what? we hear. the pole coming. this will bemy--matt and i were talking what he learned and n h be ready don't know if you want to share your st m [laughter] i'll share. m just practicing, killing time. matt was sharing if it is okay, that he spent some time as a city attorney spokesperson and had the fun job the public about the cases the city were not winning. i can appreciate it. it is a hard job to be a supervisor.

is always happy with you all the time and you have to navigate you know, all those constituencies. and i am now public speaking more then i have in the past and lear w t roll with the moment. i will say one other and then i appreciate-tndc is celebrating one of the biggest fund razors of had year. wevg evts. this is called the pool toss. it is held september 26. it is an iconic san francisco event. it is real ea fun. is at the phoenix hotel lovely institution in the tenderloin you should support. a great cocktail bar and pool therwhen they come to down and been a supporter hosting this event. they are our neighbor. we are developed 555 larkin. 108 homes serving families in e

tenderloin and they have been a great neighbor and partner to us as we move through the planning and design and then execution that building. we haprilege opening that building earlier this year the pool toss, we have a web page and can donate. i think we are up to 5 or 6. e d so rebecca foster who leads housing accelerator fund and i mentioned her was involved in supporting this project is one of ssees. yes! tickets and sp available. [laughter] yes, there is actually a food from local businesses. much that fois actually doinated to us i believe and we have a cocktail bar, but just drink one or two. dont get drunk on the job. you n check out our website. ti

[laughter] perfecto! do you think she wants to hear my bofa spiel? mait as she walks in. redo over? okay. greaidea. roxanne will do that. >> a t of us officials dignitaries are up here talking but i wa recognize some of our staff that are back here in the back. raif you work at this building and work at tndc. we appreciate each and every one of you guys. yes, thank you. [applause] you're what makes this happen. after and we have the ilding cutting you make the success-foot successful so thank you all for coming. jackson is here too? k

shrea. yes. i think the mayor's here now. i'll stop. >> yes, to echo what ro said, the development team can build a beautiful dingwhat matters in the lives of the people that live in it is the experience every day with property management and services and pleased to introduce to you, mayor breed. [applause] >> alright. i made it. better late then never, right? ot to say, when i am able to come to events like this, whether it's ground breakings or ribbon cuttings, people don't always see is all the hard work that goes into making something this possible. all the various teams and gaput the financing together. the hard work that goes

making sure neighborhood preference is a priority and project like this we are very intentional about ouch to insure families struggling the most have access to autiful place like this. it is really very rewarding to walk through th especially after being at the ribbon-i ground breaking on the site and lori from swinerton was there with along other folks. supervisor, i don't think you were there yet. we were mising you though. we were there breaking the ground and talking about the sign of what this will mean for families and really en up the pipeline for families who are just little bit above the low income status, li middle income and we are making too much to qualify for affordable housing. to have thisgo up to

120 percent ami truly incredible and really exciting, and this is one of the proj ts i think we ever built from mohcd. thanks the voters for passing all most a ll bonds, we were able to use $39 million dollars and state and other reso the other person always at me these various openings and ground baking is liz from bank of americaism u so much. [applause] for being here, and for continuous support. but i am also very about welcoming and final someone an afn american led and owed business, a woman in icular, sharmain

curtis from curtis development because that like doesn't happen with this. it is so meaningful and thank katie and many who helped put the pieces of the puzzle together to truly ojecnot only success, but a inspiration for the people are trying to serve. it is amazing building, a beautiful neighborhood and what we are ng downtown, bringing more people and families to downtown and making sure there are amenities and support and are there is housing security. that'swhproject is about. that's why i'm so happy to be here our portfolio. we need more and more and and now with not only 423, which will make everything that is following whatever the rules are as of we can get more housing built, but this state regional bond, what is it called now?

is going to deliver even more money, so we can do projects like this faster. we have a number of projects that are waitinc for these resources and can you imagine with er 50 thousand units already approved in san francisco, 50 thousand housing units in the san pipeline what that would do fwr housing affordablet in the we e doing with new hangeer and housing policies and getting to yes making magic like this project happen so happy and grateful to be here. ank you to all involved and congratulations to the new families who haopportunity for a safe affordable place to call he thank you. [applause] >> starting with 4, 3, 2, 1!

[cheers and applause]

>> good morning. the meeting will come order. welcome to july 18, 2024 regular meeting of government audit oversight committee of the san francisco board of supervisor. i'm supervisor preston, chair. joined by supervisor connie chan, d supervisor joel engardio, who is visiting with the committee until we receive the official memo to appoint him to be able to vote with us today, sothank you supervisor engardio for