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OCII OKs option to ground lease for Mission Bay South Block 6 East affordable housing
Summary
The Commission on Community Investment and Infrastructure authorized an option to ground lease with 1300 Fourth Street Associates L.P. to enable construction of a low-income rental project at Mission Bay South Block 6 East; staff said the action demonstrates site control required for tax-credit awards and the project will prioritize very-low-income households and formerly chronically homeless residents.
The Commission on Community Investment and Infrastructure on May 17 authorized an option to ground lease with 1300 Fourth Street Associates, L.P., clearing a step toward construction of affordable family rental housing at Mission Bay South, Block 6 East (626 Mission Bay Boulevard North).
OCII housing development specialist Pamela Sims told the commission the option is required “to demonstrate site control to both the California Debt Limit Allocation Committee or CDLAC and the Tax Credit Allocation Committee or TCAC,” and that the action would allow staff to negotiate lease terms while permanent financing is finalized.
Why it matters: the option clears a key procedural hurdle for tax-credit financing that developers need to secure low-income housing tax credits and tax‑exempt bond allocations. TNDC (Tenderloin Neighborhood Development…
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