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OCII approves ground lease for 60‑unit affordable family project at Hunters Point Block 49
Summary
The Commission approved a ground lease to enable development of 60 affordable rental units (plus one manager unit) at 350 Bridell Street (Block 49) to be built by an Amcal/HPS partnership with Lennar financing and an off‑site loan; the project is financed with tax‑exempt bonds and 4% tax credits and will serve households at 50% AMI.
The Commission voted to approve a ground lease and related transaction steps for a 61‑unit family affordable housing development at 350 Bridell Street (Block 49) in the Hunters Point Shipyard project area.
Pam Sims, OCII housing development specialist, explained the ground lease is the final step in approvals for the partnership between Amcal Pacific Point Fund LP/HPS Development Co. LP (working with Young Community Developers) to build…
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