ms. mcnamara to speak on this item. >> good morning, chair farrell, supervisors. i am pam sands, project manager in the mayor's office of community housing development. resolution before you this morning is for the issuance of bond proceeds to pick up a construction development related costs for bayview senior housing located at 17 51 carol avenue. the sponsoring team includes mccormick and bayview hunters point multi-purpose senior services, inc., as the owner and general partner. wells fargo will serve as the limited partner in tax credit investor and citibank [speaker not understood]. bayview will be 121 plus manager's unit comprising 117 one bedroom units four two-bedroom units. all units will be targeted to households more than 50% of area median income and 23 will be set aside for chronically homeless seniors. these transactions are conduit financing which do not require the city to pledge repayment of the bonds. we anticipate closing the bonds in mid february. the project is slated to begin construction shortly thereafter and complete construction in 2015.