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OCII approves ground lease and $20.6 million loan for 119‑unit Mission Bay veterans and family housing
Summary
On Nov. 7, 2017 the Commission on Community Investment and Infrastructure authorized a ground lease and an amended and restated loan agreement to advance construction of a 119‑unit affordable rental project on Mission Bay South Block 3 East serving formerly homeless veterans and low‑income families.
The Commission on Community Investment and Infrastructure on Nov. 7 authorized the Director to enter into a 75‑year ground lease and an amended loan agreement to finance Block 3 East, a 119‑unit affordable rental development in Mission Bay South that will target formerly homeless veterans and low‑income families.
OCII staff said the project, led by Chinatown Community Development Center (CCDC) with Swords to Plowshares as partner, will include 62 units targeted for formerly homeless veterans (rented to households at roughly 30% of area median income) and 56 family units affordable at 60% AMI, plus one two‑bedroom manager’s unit. “The 3 East development will provide 119 units of affordable rental housing,” staff said during the presentation. Construction financing is expected to close and construction to begin in mid‑December, with…
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