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OCII approves predevelopment loan and schematic revision to add affordable units at Transbay Block 7
Summary
OCII approved a Mercy Housing predevelopment loan and a schematic revision for Transbay Block 7 to increase affordable housing from 77 to 85 units and add a 4,500 sq. ft. childcare center; staff cited AB 812 obligations and a mix of funding including remaining affordable housing fee proceeds and LIHTC.
The Commission on Community Investment and Infrastructure voted Aug. 19 to authorize predevelopment financing and a schematic-design revision for Transbay Block 7, advancing an 85-unit affordable family housing project at 222 Beale Street.
OCII's agenda lists item 5G as authorizing a loan agreement with Mercy Housing California 64 LP in the amount of $3,382,523 for predevelopment related to construction of 84 (now presented as 85) affordable units; during the staff presentation Mercy staff referred to a $3,300,000 loan request and noted $469,000 had already been paid from escrow as previously documented. Elizabeth Colomello, OCII Development…
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