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Treasure Island authority authorized to accept $3 million priority‑site loan for 100‑unit senior affordable project
Summary
The Budget & Finance Committee voted to forward a resolution enabling the Treasure Island Development Authority to accept a $3,000,000 low‑interest loan from the Bay Area Housing Finance Authority to fund infrastructure tied to Mercy Housing’s 100‑unit senior affordable project at Site E1.2 on Treasure Island.
The Budget and Finance Committee on July 9 voted to forward a resolution that authorizes the Treasure Island Development Authority (TIDA) to accept up to $3,000,000 in low‑interest loan funds from the Bay Area Housing Finance Authority (BAHFA) for infrastructure serving a proposed 100‑unit senior affordable housing project on Treasure Island.
The loan would be provided under the Bay Area regional priority sites pilot administered by California’s Department of Housing and Community Development and awarded through the Metropolitan Transportation Commission / Association of Bay Area Governments regional process. Sophie Hayward of the City Administrator’s Office told the committee the money would be dispersed as “an unsecured low interest loan … to fund design, permitting, or construction of infrastructure improvements serving the affordable housing parcel E1.2.”
The measure will enable TIDA to provide the developer—Treasure Island Community Development LLC, the island master developer—access to low‑cost capital. Hayward described the project as Mercy Housing’s 100‑unit senior affordable building at Site E1.2 and said construction must start within two years of award. Vice Chair Matt Dorsey expressed strong support and noted the funds would also support surrounding street infrastructure and neighborhood services.
No members of the public spoke on the item. The committee vote to forward the resolution to the full Board passed by roll call: Dorsey, Engardio, and Chair Connie Chan voted aye (3–0). The item is expected to go before the full Board of Supervisors on July 15 unless otherwise posted.
If the Board approves the resolution, TIDA would be authorized to accept and expend the funds, execute a loan agreement with BAHFA, and enter any related documents, including a memorandum of agreement with Treasure Island Community Development LLC.
