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OCII presents $422.2 million ROPS 2020–21 request focusing on debt service and affordable-housing loans
Summary
At a Jan. 21 workshop, OCII outlined a $422.2 million Recognized Obligation Payment Schedule for July 1, 2020–June 30, 2021, with most funds earmarked for debt service and gap/predevelopment financing for Hunters Point, Mission Bay and Transbay projects; the ROPS will go to the oversight board next week and the Department of Finance by Feb. 1.
Mina Yoo, financial reporting and management analyst for the Office of Community Investment and Infrastructure (OCII), told the commission on Jan. 21 that OCII’s Recognized Obligation Payment Schedule (ROPS) request for July 1, 2020–June 30, 2021 totals $422.2 million. The request is mainly for debt-service payments and affordable-housing gap and predevelopment loans for OCII project areas.
"Our total request for 2021 is $422.2 million," Yoo said, describing five funding sources that make up the request: bond proceeds; reserve funds (including prior-year property-tax increment); other funds (developer payments and grants); Redevelopment Property Tax Trust Fund (RPTTF) non-admin; and RPTTF admin. Yoo said the ROPS request represents a $23.6 million decrease from the prior year, driven largely by spending down bond proceeds and a reduced pledge of RPTTF non-admin for housing because several 2021 projects are fully funded.
Annie Wong, development specialist on OCII’s affordable-housing team, outlined the housing…
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