i want to thank the mayor's office of housing and kate hartley. i'm delighted these monies are finally going to be put to good use, and i for most want to thank the voters of san francisco. >> okay. seeing nobody else on the roster , can we take items 20 and 21 same house, same call? with no objection, these resolutions are adopted. madame clerk, please call items 22 through 24 together. >> items 22 through 24 are three resolutions that authorize the mayor's office of housing and community development on behalf of the city to execute several grant applications under the department of housing and community development, affordable housing, and sustainable communities program is a joint applicant. item 22, with balboa park housing partners for the project at 2347 it was a -- 2347 san jose avenue. item 23, the joint applicant with turk 500 associates for the project at 500 turk street authorizing the city to assume joint and federal liability of the completion of the project required by the grant program for the term agreement, and for item 24, as a j

i know we have olivia ely here, kate hartley who was also instrumental in all of their support. mercy housing, bank of america, h.u.d., we don't have h.u.d. here right now, but hopefully we will have them here soon. the federal home won't bank of san francisco, freddie mac multifamily, our commissioners who were put many hours into approving all the documents that it took to put this together, authority staff who worked very hard throughout the conversion, the board of supervisors, nappy brothers contractors who really did carry out the work beautifully, and others. thank you to all who made this possible. for j.f.k. towers and 2698 california and other public housing residents. i want to give us special thanks to our j.f.k. residents. raise your hand if you are a j.f.k. resident. we have a lot of you hear while supplies. >> and 2698 california. he lived through this process where you had to temporarily relocate, and you had to live in a construction zone, and thank you for your faith in the process, we hope you really enjoy the new housing and all the improvements that you have

as a mere breed made reference to all of the partners the mayor's office of housing kate hartley and her staff are here today provided a lot of money and let's just say moral support. but bank of america has had an outsized role in this red program not only in west side court but in every development in the city providing virtually all of the debt and equity financing i think the total of financing is up in the seven or eight hundred million dollar range which is really pretty remarkable when you think that one institution has been responsible for that. so with that i'd like to call to the podium lives minnick an executive with bank of america and the bay area about thank you and good night. there we go. thank you and good afternoon everyone i can talk really loud i could probably do about it. all right okay thank you so much. and bank of america is so please i was actually two point two billion dollars and financing so when you think about the rental assistance demonstration and the redevelopment of our housing within this amazing city of san francisco. bank of america was so excite

. >> i think miss chan referenced that kate hartley had talked to supervisors about drafting legislation and mohcd is currently drafting legislation to that effect. >> supervisor peskin: to delegate the 9.118 authority? >> certain aspects, yes. i would say there is a proposal that has been shared with the supervisors about how all of mohcd's loans and granted are well over -- are over ten years, and the purpose of that is to ensure affordability for the longest possible time period and to the extent that, you know, the effective 9.118, there's two thresholds, ten years or -- ten years or $10 million. so i think to the effect that, you know -- >> supervisor peskin: there's actually another provision in 9.118 which is whether or not it makes any revenue. >> well, i think that's in section a if there's revenue of over $1 million. in terms of expenditures, if it's over 10 million or 10 years, it does need to come to the board. so in terms of these agreements that we enter into, they're all over the ten-year time limit. >> supervisor peskin: 57 years is longer than ten. that is a true fact. >

every one of you i want to thank the mayor's office of housing and community development and kate hartley'sere. it started with olson lee and those conversations in the commute the whole community rome and those were some tense conversations and so i want to thank. kate for her leadership the office of community investment in infrastructure and also where is theo theo is here. oh right there in the front video thank you so much for working with the residents you've become a fixture in this community and i know they all appreciate your work in your support on this project. i want to thank the california department of housing and community development for their investments thank you so much for supporting this project. you know it's difficult to get state money so it means a lot to have you here today. the developers of this project people i've worked with for so long that jon stewart company and i know john stewart is retired but he is still act kind of retire. not really okay well john thank you for not only supporting this project but the work that you've done all over the city. thank you