Canopy Housing Acquisition of The Broadway Bond Financing

At a glance

What: Approval for SHRA and the Housing Authority to enter a funding agreement and pledge SHRA general revenues as a backstop for mortgage revenue bonds that Canopy Housing would use to buy a 408-unit apartment building (built 2023) in Council District 4, referred to in the item title as The Broadway (captions render the property name unclearly).
Where it stands: Approved 8-0 on October 13, 2026 (item 28), Councilmember Maple absent. The County Board of Supervisors and County Housing Authority were to consider it the following week.
Terms as presented: 100 percent debt financed; 75 percent of units (306) restricted as workforce housing for households at 50 to 80 percent of area median income, 25 percent remain market rate, no displacement of existing residents. The pledge is expected to cut the bond interest rate by at least 2 percent (about $2 million a year of debt service on a $100 million issue, per staff's example).
Risk stated by staff: property revenue would have to fall 25 percent and a reserve of over a year of debt service would have to be spent before the SHRA pledge is triggered.
Partners: a real estate firm was introduced as the proposed project administrator and asset manager; bond underwriting by a securities firm.
Council comments: Councilmember Pluckebaum moved approval; no public comment or other council comment.

About 6 minutes across 1 meeting (from transcript timestamps; approximate).

Meeting	Minutes
2026-10-13 - City Council (2)	6

2026-10-13 - City Council (2) — SHRA, the developer partner and the underwriter presented; approved 8-0, Maple absent.
2026-11-10 - City Council — Agenda: public hearing on TEFRA bonds up to $135M for The Maven on Broadway (230 Broadway), the property referred to above. Same evening 2026-11-10 - Canopy Housing Board of Directors takes up partnering with Ethos Real Estate on the acquisition, assignment of the purchase agreement and bond documents (agenda only).