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OCII authorizes $8M increase to keep Mission Bay homeownership units affordable at 400 China Basin
Summary
The commission approved a first amendment adding $8 million to a loan for 148 limited-equity for-sale units at 400 China Basin (Mission Bay South Block 9A) to preserve affordability in the face of higher interest rates; staff emphasized outreach to COP holders and marketing plans.
The Office of Community Investment and Infrastructure authorized a first amendment on Jan. 16 to increase the permanent loan for 400 China Basin Street by $8 million to preserve targeted affordability for 148 limited-equity homeownership units.
Pam Sims, senior development specialist, said the additional funds are needed because mortgage interest rates rose significantly since the commission’s prior approvals; she said the extra $8 million allows the developer to retain lower unit prices…
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