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OCII approves gap financing for 200-unit Mission Bay Block 7 West affordable housing
Summary
The Commission authorized an amended loan agreement and gap financing related to Mission Bay Block 7 West, enabling development of 200 affordable family rental units; staff described a gap loan package and project financing plan and reported strong SBE participation to date.
The Office of Community Investment and Infrastructure on Aug. 5 approved an amended and restated loan agreement to support development of a 200‑unit affordable family rental project at 588 Mission Bay Boulevard North (Block 7 West).
Jeff White, OCII housing program manager, told commissioners the action implements previously negotiated deal points and provides gap funding that staff described as $16,975,000 (which wraps previously approved $2,000,000 in predevelopment funding and additional predevelopment and $13,375,000 for construction). In…
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