More than 400 apartments on Bayport Street will receive a face-lift with the proceeds of a $29-million bond issue approved this week by the City Council.
The bond will be structured through a Joint Powers Authority, a consortium of government agencies that leaves the city without any financial obligation or liability in the undertaking, officials said.
The funds from the tax-exempt bonds will be used for the acquisition and rehabilitation of the 402-unit Bayport Apartments, just west of the Crystal Cathedral.
By adding its name to the bond authority, the city is able to establish occupancy standards, including limits on the number of residents per unit and requirements for maintenance and affordability.
In exchange, the authority is given tax-exempt status.