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Commission authorizes documents to advance 59 very-low-income units at Hunters Point Shipyard's Block 49
Summary
The Commission on Community Investment and Infrastructure approved authorization for transaction documents allowing transfer of Block 49 and development of 59 very-low-income rental units (up to 50% AMI). Commissioners pressed staff on parking, marketing and small-business participation; staff said the ground lease will return with more detail. Vote: 4–0 (1 absent).
The Commission on Community Investment and Infrastructure on a 4–0 vote authorized the executive director to enter into a conveyance, a vertical lease/disposition-development agreement and an option to ground lease needed to develop 59 very-low-income rental units and one manager's unit at Block 49 in Phase 1 of the Hunters Point Shipyard.
Assistant Project Manager Anuela Quasar, presenting the item, said the documents would allow the agency to treat Block 49 as a stand-alone affordable housing project while noting that the agency would not be putting any of its own money into the project: “It is Lennar who is responsible to cover any funding gaps that are needed to carry out the project.” Quasar said the units will be targeted to households at up to 50 percent of area median income (AMI), and she gave the 2014 AMI examples used in the presentation: roughly $35,000 a year for a single…
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