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Committee forwards option-to-lease for 72‑unit Potrero HOPE SF affordable housing (Block X)

San Francisco Board of Supervisors Budget and Finance Committee · June 8, 2016

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Summary

The Budget & Finance Committee voted to forward a resolution authorizing an option to ground lease for two parcels at 20 Fifth and Connecticut Streets to Bridge Housing, enabling site control needed to pursue state financing for a 72‑unit affordable housing project in the Potrero HOPE SF plan.

Faith Kirkpatrick, project manager at the Mayor's Office of Housing and Community Development, told the committee the resolution authorizes an option to ground lease two adjacent parcels at 20 Fifth and Connecticut Streets that will be merged into a single roughly 30,000‑square‑foot lot and leased to Bridge Housing for a 72‑unit affordable building called Block X, part of the Potrero HOPE SF revitalization plan.

Kirkpatrick said the site is currently vacant and requires no relocation. The option to ground lease is intended to provide necessary site control so the sponsor can apply for state financing in the coming weeks; leverage of state funds is said to be critical for minimizing local subsidy across the broader Potrero site. The ground lease term described is 75 years with a 24‑year extension option and an annual payment to the city (amounts in the presentation were not specified).

Committee members asked no substantive questions. The Clerk opened public comment and, seeing none, closed it. Supervisor E moved the item forward to the full Board with a positive recommendation; Supervisor Tang seconded and the committee took that motion without objection.

Next steps: forwarding the resolution to the Board of Supervisors means full Board consideration and potential final approval at a future Board meeting. The presentation materials said successful state funding would allow construction to start by the end of the year.