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OCII approves ENA and $3.5M predevelopment loan for Mission Bay Block 9A homeownership project
Summary
The Commission authorized an Exclusive Negotiations Agreement and a predevelopment loan up to $3.5 million to 350 China Basin Partners for about 140 limited-equity, for-sale affordable homes at Mission Bay South Block 9A. The units will be restricted by AMI bands and include outreach to Certificate of Preference holders.
The Commission on Community Investment and Infrastructure on April 7 authorized an Exclusive Negotiations Agreement and a predevelopment loan not to exceed $3,500,000 to 350 China Basin Partners, LLC to advance a roughly 140-unit affordable homeownership project at Mission Bay South Block 9A.
Annie Wong, a development specialist with OCII, said the project will use the city’s limited-equity homeownership model administered by the Mayor’s Office of Housing and Community Development. Units will be restricted to households earning roughly 80 percent to 110 percent of area…
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