Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Committee forwards bond application resolutions for Hunters Point Shipyard Block 56 and 98 Franklin Street to full Board
Summary
The committee reviewed resolutions to seek CDLAC bond allocations for two housing projects: 11 Inis Court (Hunters Point Shipyard Block 56), a 73-unit 100% affordable development for households at or below 50% AMI; and 98 Franklin Street, a mixed-income project where tax-exempt financing would fund 72 affordable units at 50% AMI. The committee unanimously recommended both items to the full Board.
The Budget & Finance Committee considered two related resolutions authorizing city staff to pursue tax-exempt bond allocations and to declare the city's intent to reimburse certain pre-issuance expenditures from future bond proceeds.
William Wilcox, bond-program manager at the Mayor's Office of Housing and Community Development (MOHCD), said the items are conduit financings in which the city does not pledge its credit. 11 Inis Court (Hunters Point Shipyard Block 56) will be a 73-unit, 100% affordable multifamily project serving households earning 50% or less of area median income (AMI) and will include a 7,550-square-foot landscaped courtyard and play areas. The 98 Franklin Street project is a larger mixed-income development where 72 affordable units will be separately financed with tax-exempt bonds for households at 50% AMI; the tax-exempt financing proceeds will be restricted to the affordable component.
MOHCD and project sponsors (Mercy Housing for 11 Inis Court; Related California and partners for 98 Franklin) are coordinating CDLAC applications. MOHCD said final bond-issuance approvals will return to the Board of Supervisors once allocations are secured, likely early next year. Remote public comment raised environmental and contamination concerns about Hunters Point; the commenter cited a grand-jury report and argued against building on the shipyard. The committee nevertheless voted unanimously to forward both items to the full Board with positive recommendations.
