So, for COPA [ Community Opportunity to Purchase Act], on the rental side, once you access any of these funds from the city of San Francisco, the property is deed-restricted for the next 75 years.
But what the program does offer is to make sure that the tenants don't ever have to pay any capital needs. We budget, [and we] as the nonprofit are responsible to maintain their home for the next 20 years of that loan.
At acquisition you want to make sure that they're somewhere around that range. And then, once that rent is set, the max increase is anywhere from 2 to 3.5 percent, depending on the operating expenses.
Any upkeeping, any structural [work], anything that happens in their building, they never get a pass through, and it's covered through our loan with the city of San Francisco.
#community-opportunity-to-purchase-act-copa #tenant-support #rent-control #affordable-housing #san-francisco-housing-policy
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