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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 60 affordable rental units and one manager’s unit. The units will be affordable to households at 50% of area median income, with a unit mix of 22 one‑bedrooms, 26 two‑bedrooms and 11 three‑bedrooms. Sims said Lennar provided the parcel and a loan for off‑site improvements that increased tax‑credit equity by about $2.5 million and that OCII will not provide a subsidy to finance the development.
Sims described a financing package using 4% low‑income housing tax credits and tax‑exempt bonds. The ground lease structure provides an initial term of 55 years with options extending affordability to a total 99 years; annual rent terms include a base rent element and a residual rent payable only to the extent cash flow is available. Representatives from AMCAL and project partners attended and reported readiness for financing closing, which staff anticipated on or about Sept. 24, 2014, with construction to begin soon thereafter.
Commissioners asked about construction timing and the lease‑up process; staff said rental‑readiness outreach will begin roughly one month after construction starts and will continue through construction to prepare tenants and outreach to priority populations including Hunters Point certificate holders and rent‑assisted households. The Commission approved the ground lease by roll call (3–0).
