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OCII approves $4 million predevelopment loan and ENA for Hunters Point Shipyard affordable housing
Summary
The Commission on Community Investment and Infrastructure approved an 18‑month exclusive negotiations agreement and a $4,000,000 predevelopment loan to advance a 100‑unit, 100% affordable family rental project on Hunters Point Shipyard Blocks 52 and 54, with testing and outreach conditions tied to CDPH retesting of Parcel A.
The Commission on Community Investment and Infrastructure on Aug. 7 approved an exclusive negotiations agreement (ENA) and a predevelopment loan of up to $4,000,000 to Shipyard 5254 LP to advance a roughly 100‑unit affordable family rental project on Hunters Point Shipyard Blocks 52 and 54.
Elizabeth Colomello, senior development specialist in OCII’s housing division, told commissioners the ENA has an 18‑month term with a one‑year extension and milestones that include submission of a financing plan, schematic drawings and, prior to construction, design development documents and execution of a ground lease. “The proposed pre development loan is for $4,000,000,” she said, adding the loan carries a 3% interest rate and is…
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