OCII outlines plan under SB 593 to finance up to 5,842 replacement housing units, emphasizes COP outreach and local hiring

OCII staff on March 5 presented a workshop setting out priorities to implement Senate Bill 593 and to develop up to 5,842 replacement housing units that were destroyed and never replaced by the former redevelopment agency. Director Kozlovsky introduced the session and Elizabeth Colomello, OCII housing program manager, summarized the law, the financing approach and outreach plans.

Colomello said SB 593 allows OCII to use a portion of tax increment financing, after current enforceable obligations and school pledges are funded, to pay for replacement housing. She said the agency’s current estimate places the earliest availability of funds in late 2025 or 2026 and that meeting the full unit count will require several bond issuances spread over more than 30 years. “The timeline assumes we’re able to leverage funding sources for affordable housing development, which would cover about 50% of project costs,” Colomello said.

Colomello described policy restrictions and priorities required by the legislation: replacement units must meet state redevelopment-affordable-housing standards, may be built anywhere in San Francisco, and must be restricted to…