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OCII authorizes steps to issue tax allocation bonds to fund affordable housing projects
Summary
The San Francisco OCII commission approved actions to move forward with issuing new-money tax allocation bonds (subject to oversight board and Department of Finance approval) to finance affordable housing obligations, with proceeds currently estimated at about $123.7 million to support 386 units across Hunters Point Shipyard and Mission Bay South.
The San Francisco Office of Community Investment and Infrastructure (OCII) voted July 20 to authorize steps toward issuing new-money tax allocation bonds to finance affordable housing obligations, subject to oversight board and Department of Finance approval under California Health and Safety Code section 34177.7.
The commission approved staff to finalize two core documents — a first supplemental indenture and a bond purchase agreement — that would enable a 2021 affordable housing bond issuance. John Daigle, who presented the item for OCII finance staff, said the agency’s enforceable obligations total 4,256 units, with 140 units in construction and 913 in predevelopment. He…
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