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Committee forwards $4.7M IRFD appropriation for Treasure Island affordable housing
Summary
The committee unanimously forwarded an ordinance to appropriate roughly $4.7 million in tax‑increment IRFD bond proceeds to MOHCD for Starview Court, a 138‑unit affordable project on Treasure Island; staff said the appropriation repays a bridge loan and does not change unit counts or affordability.
The Budget & Finance Committee unanimously voted to forward to the full Board an ordinance appropriating approximately $4.7 million from Treasure Island Infrastructure and Revitalization Financing District (IRFD) tax‑increment bond proceeds to the Mayor’s Office of Housing and Community Development for the Starview Court affordable housing project.
Sheila Nicolopoulos of MOHCD described Starview Court (formerly Parcel C‑31) as a seven‑story development with 138 units — a mix of one‑ to four‑bedroom apartments that includes replacement units for current Treasure Island residents and units supported by operating subsidies from Catholic Charities. MOHCD said the IRFD bond funds will pay off an IRFD bridge loan and will not alter the previously approved loan amount or the number and affordability levels of units. The project began construction after financing closed in May 2022; staff estimated a temporary certificate of occupancy by May 2024.
Budget Legislative Analyst Nick Menard recommended approval and noted the use of proceeds is laid out in the BLA report. There was no public comment on this item during the committee hearing. Vice Chair Asha Safai moved to forward the ordinance with a positive recommendation; the roll call recorded three ayes and the motion passed unanimously.
The ordinance will appear on the Board of Supervisors’ agenda for consideration.
