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OCII outlines $542.4M ROPS 2021'22 request, with $248.6M for affordable housing loans
Summary
OCII staff presented the agency's ROPS request for fiscal 2021'22 totaling $542.4 million, driven by new affordable-housing loans; housing requested $248.6M (mostly bond-funded) across Hunters Point Shipyard, Mission Bay and Transbay.
OCII staff presented a workshop on the Recognized Obligation Payment Schedule (ROPS) for fiscal year 2021'22, describing a $542.4 million funding request that will be used for bond proceeds, RPTTF non-admin, reserve balances and other funds. Mina Yu said the increase relative to the prior year is largely driven by four new affordable-housing construction loans that OCII plans to finance in 2021'22.
Housing staff requested $248.6 million to fund predevelopment and construction gap loans for OCII affordable-housing projects, with the bulk of those funds expected to come from the planned housing bond. Staff said the agency expects to allocate about $114 million to Hunter's Point Shipyard and Candlestick Point (to fund roughly 517 units), $82.6 million to Mission Bay (about 313 units), and $52 million to Transbay (about 508 units). Staff also outlined the proposed new housing bond ($112.9M estimated) to support loans in Mission Bay and Hunters Point and reviewed operating and debt-service items in the ROPS request.
Presenters emphasized that the workshop was informational and that the ROPS will be incorporated into oversight-board and Department of Finance filings. Staff noted some line-item adjustments since the workshop presentation, including an updated Transbay Block 4 line to $48 million. Commissioners asked clarifying questions; staff said they will incorporate feedback and return to the oversight board for approval before submission to the State Department of Finance by Feb. 1.
No commission action was taken; the ROPS workshop provided an opportunity for commissioners to ask questions and for staff to record input before formal oversight-board action.
