The San Francisco Board of Supervisors,
the governing body of the City and County of San Francisco, has
agreed to financially assist the San Francisco Lesbian, Gay, Bisexual
and Transgender Center, the San Francisco Chronicle reported.
Supervisors have approved a $157,000
loan that will help the nonprofit restructure its mortgage.
Officials insisted the assistance is
not a bailout.
“We will not draw down these funds,”
Supervisor Bevan Dufty, who co-sponsored the measure with Supervisor
David Campos, told the paper. “These funds will be preserved in
Under the arrangement, the money will
be set aside as a rainy day fund accessible to the center only if it
can't pay its mortgage. The center is expected to pay back the loan
The fund will allow the center to
restructure its mortgage with First Republic Bank.
Only one board member, Supervisor Sean
Elsbernd, voted against the plan.
The LGBT community center opened 8
years ago with the assistance of the city, which put up nearly half
of the center's $12.3 million construction tab.