The San Francisco County government meeting highlighted a significant step forward in addressing the city's affordable housing crisis with the approval of a tax-exempt bond for the Hunters Point Shipyard development. Jasmine Kuo, a development specialist from the Office of Community Investment and Infrastructure (OCII), presented the proposal for Blocks 52 and 54, which will provide 121 new affordable housing units in the Hilltop neighborhood.

The project, co-developed by Jonathan Rose Companies and Bayview Hunters Point Multipurpose Senior Services, aims to cater to families, with nearly 30% of the units designed as three, four, and five-bedroom apartments. Of the total units, 110 will be reserved for households earning between 30% to 50% of the area median income, addressing a pressing need for affordable housing in the city.

The total development cost is projected at approximately $133 million, with the resolution allowing for up to $63 million in bond financing. Importantly, this financing does not require the city to pledge any of its funds, making it a conduit financing arrangement. Construction is set to begin next month, with completion expected by April 2025.

Supervisor Safae expressed enthusiasm for the project, emphasizing its importance during challenging economic times when securing financing for affordable housing is particularly difficult. The approval marks a crucial advancement in San Francisco's efforts to provide more housing options for its residents, particularly those in need. As the city continues to grapple with housing shortages, developments like this one are vital for fostering community stability and growth.