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$770M Affordable Housing Program Underway in San Francisco


Bank of America Merrill Lynch closed on a deal earlier this month to provide $770M in financing for San Francisco affordable housing.

The city and area developers picked the lender in July to provide financing for the preservation and rehabilitation of 1,400 public housing units (15 projects across the city). The financing includes about $350M in construction financing, about $300M in low-income housing tax credit equity, $20M in subordinated, forgivable debt, and $5M in pre-development loans. Bank of America Merrill Lynch will work with Freddie Mac to provide about $100M.

Construction started this month and is scheduled for completion between August 2016 and April 2017. [SFBT, CO]