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SF LGBT Center Asks for Bailout


On the verge of foreclosure and battered by the recession, the San Francisco Lesbian, Gay, Bisexual, and Transgender Community Center has asked the city for a $1 million line of credit to help it stay afloat.

According to the San Francisco Chronicle, the cash-strapped city is likely to grant the "mortgage relief" fund for the city-subsidized center, although the center will likely need even more in the long run to cover almost $3 million owed on its mortgage.

A city bailout of the eight-year-old center at Market and Octavia Streets would be unprecedented, reports the Chronicle. But the city does not want to see the center go under, especially after committing $5.7 million to the institution already.

"If approved by the Board of Supervisors and the mayor, the bailout would be the first time the city has used its general fund to guarantee mortgage payments on behalf of a nonprofit, according to the budget analyst's report."

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