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OCII approves permanent loans for Alice Griffith Phase 3 to fund 122-unit building
Summary
The Commission on Community Investment and Infrastructure approved permanent gap loans to support Phase 3 of the Alice Griffith public housing redevelopment, advancing HOPE SF goals and using a split financing structure to maximize tax credit equity; staff emphasized replacement of public housing and HUD deadlines.
The Commission on Community Investment and Infrastructure on June 16 approved permanent loan commitments to support Phase 3 of the Alice Griffith public housing redevelopment in Bayview-Hunters Point.
Staff presented two loan components: Phase 3A and Phase 3B, which together will finance a single 122-unit multifamily building with 93 public housing replacement units and 28 new affordable units. Elizabeth Colomello, a development specialist, said the project is part of the HOPE SF initiative and that the financing combines Choice Neighborhoods Initiative (CNI) funds, OCII subsidy and master-developer subsidy from Lennar. Colomello said MBS and the Housing Authority received a CNI implementation grant of $30.5 million, of which about $21.3 million is allocated to construction. She said OCII’s subsidy for…
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