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Commission authorizes loan and 75‑year ground lease for Mercy Housing’s 152‑unit Mission Bay project
Summary
OCII approved a permanent loan up to about $47 million and a 75‑year ground lease (option to 99 years) with Mercy Housing California to build 152 affordable rental units at Mission Bay South Block 6 West, including 38 project‑based voucher units for households relocating from Hope SF sites.
The Commission on Community Investment and Infrastructure voted to authorize an amended and restated loan of up to approximately $47,400,000 and a 75‑year ground lease (extendable to 99 years) with Mercy Housing California for the Mission Bay South Block 6 West development, a 152‑unit affordable rental building.
Annie Wong, development specialist, outlined the project and financing terms: 152 units (50% two‑bedrooms, ~20% three‑bedrooms including one four‑bedroom and one five‑bedroom unit to meet replacement bedroom requirements), 38 units set aside for households voluntarily…
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