OCII approves gap loan and updated replacement plan for Alice Griffith Phase 4

The Commission on Community Investment and Infrastructure voted to authorize a permanent gap loan commitment to support Phase 4 of the Alice Griffith public housing redevelopment and adopted an updated replacement housing plan, the agency said at its March 7 meeting.

Jeff White, housing program manager, told commissioners the Alice Griffith redevelopment — part of the city’s HOPE SF initiative — will replace 256 public housing units one-for-one and add approximately 248 tax-credit affordable units across six phases on seven blocks. White said the developer is requesting a gap funding commitment to apply for tax-exempt bond financing and low-income housing tax credits; the agenda materials list a maximum OCII loan amount as $12,986,033 while the presentation later referenced $12,986,000. The proposed loan term is 55 years at a 3 percent interest rate, with authority for the Executive Director of OCII and the MOHCD director to reduce the rate to as low as 0 percent if needed for tax-credit investor negotiations and IRS compliance.

White said prior work on phases one through three is under construction and that a $30.5 million Choice Neighborhoods Initiative implementation grant from the U.S. Department of…