OCII approves loans, lease and shoring easement to advance 112 affordable units at Hunters Point Shipyard

The Commission on Community Investment and Infrastructure on Tuesday approved three distinct actions to clear final approvals for a 112‑unit, 100% affordable housing development on Hunters Point Shipyard Blocks 52 and 54.

OCII staff said the commission authorized (1) a first amendment to the existing loan agreement that reduces the loan by $2,200,302 to an aggregate loan amount of $57,000,433 for the project; (2) a ground lease and a site‑development agreement that includes reimbursements to the developer for site preparation work not to exceed $4,800,000 and a separate site‑development cap of $4,838,390; and (3) a shoring, underpinning and tie‑back easement and related escrow agreement to allow temporary below‑grade shoring access on a private street for Block 52 foundations. Each document was presented together and acted on separately; each motion passed on a 4–0 vote.

"We’re here before you today for the final approvals required to facilitate the construction of Blocks 52 and 54," said Jasmine Coe, a…