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OCII commits $46.26 million and approves $3.09 million predevelopment loan increase for Transbay Block 2 West
Summary
The Office of Community Investment and Infrastructure Commission approved a $46,260,000 permanent residential gap loan commitment and a roughly $3,086,119 increase to a predevelopment loan to advance Transbay Block 2 West, a 151‑unit project that staff said will be 100% affordable senior housing. Commissioners voted 4–0 on both items.
The Office of Community Investment and Infrastructure Commission on May 16 approved a commitment of $46,260,000 in permanent residential gap loan funding and authorized a first amendment to a predevelopment loan that adds about $3,086,119 for Transbay Block 2 West, a project sponsor officials said will provide 151 affordable senior rental units.
Kim Obstfeld, senior development specialist at OCII, told commissioners the Block 2 West project is intended to be "100% affordable housing" and is critical to meeting OCII’s obligation that the Transbay redevelopment area provide 35% affordable housing. Obstfeld said the overall Block 2 site will be developed as two separately financed buildings and that Block 2 West will include studios and one‑bedrooms with affordability tiers ranging from about 15% to 50% of area median income and set‑asides for seniors experiencing homelessness.
Staff said…
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