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OCII approves ENA and $3.5M predevelopment loan for Hunters Point Block 56 family rental project
Summary
The Commission approved an Exclusive Negotiations Agreement and a $3.5 million predevelopment loan to support a 73-unit affordable family rental development at Hunters Point Shipyard Phase 1, Block 56, with Mercy Housing and SFHDC named as the lead development team and targeted preferences for COP holders.
The Commission on April 7 authorized an Exclusive Negotiations Agreement and a predevelopment loan not to exceed $3,500,000 to support the development of approximately 73 affordable family rental units at Hunters Point Shipyard Phase 1, Block 56.
Elizabeth Colomillo, senior development specialist with OCII, said the ENA term is 18 months with one 12‑month extension option and the proposed loan carries a 3 percent interest rate with a…
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