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OCII approves $59.2 million loan for 112-unit Hunters Point Shipyard affordable housing
Summary
The San Francisco OCII Commission on a 4–0 vote authorized a $59,200,732 permanent loan to the HPSY 50254 LP development team to finance construction of 112 affordable family rental units at Hunters Point Shipyard Phase 1 (Blocks 52 and 54). The action includes CEQA findings; construction financing and ground lease remain prerequisites.
The San Francisco Office of Community Investment and Infrastructure (OCII) Commission authorized a $59,200,732 permanent loan on a 4–0 roll-call vote to HPSY 50254 LP to fund construction of a 112-unit affordable housing project at Hunters Point Shipyard Phase 1.
Elizabeth Colomello, senior development specialist with OCII's housing division, told commissioners the loan package covers previously approved predevelopment funds and additional predevelopment costs. "Today's staff is asking for approval of a permanent loan so the development team and the city can apply for tax exempt bonds and low income housing tax credits," Colomello said, describing a $59,000,000 total that includes $3,650,000 in existing predevelopment funds and $751,605 in additional predevelopment funding.
The project spans Blocks 52 and 54 and will deliver 112 residential units (67 on Block 52; 45 on Block 54), including one manager's unit, two family childcare units and 62 parking spaces.…
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