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OCII approves $200,000 increase to Legacy Foundation down-payment assistance MOU
Summary
OCII authorized an amendment to its MOU with MOHCD to add $200,000 to the Legacy Foundation homeownership down-payment assistance program (raising the total to not to exceed $380,000), prioritizing certificate of preference holders for the first four years and estimating five forgivable loans (~$38,000 each).
The OCII Commission voted May 21 to authorize an amended and restated memorandum of understanding with the Mayor’s Office of Housing and Community Development (MOHCD) to administer Phase 2 of the Legacy Foundation down‑payment assistance program. The amendment increases the MOU amount by $200,000, bringing the total from $180,000 to an aggregate not to exceed $380,000 from the Phase 1 community benefits contribution for Hunters Point Shipyard Phase 1 DDA funds.
Lila Hussain, OCII senior project manager, said the Legacy Foundation created the Legacy in Town program to provide forgivable down‑payment loans to first‑time homebuyers in District 10. The 2021 round issued five forgivable loans, each structured without interest, declining 20% per year and forgiven in full after 10 years. Hussain said the additional $200,000 will be split into $190,000 for forgivable loans and $10,000 for administration, and the program will prioritize certificate of preference (COP) holders for the first four years. OCII estimates each loan in the new round will average about $38,000.
A member of the public and certificate holder, Oscar James, supported the program but urged improved outreach and a single telephone line for certificate verification to help homeless or displaced COP holders access services. Commissioners praised the Legacy Foundation's work and the Commission approved the reallocation and the MOU (roll call: 3 ayes, 2 absent). If approved, OCII staff said funds would be transferred to MOHCD within 90 days and the Dream Keeper down‑payment assistance program would be available to combine with Legacy loans to increase affordability.
The amendment is funded from Phase 1 community benefits resources and is intended to help COP holders access homeownership opportunities including upcoming homeownership units at 400 China Basin.
