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OCII finalizes $110M tax allocation bond sale to fund hundreds of affordable units
Summary
The commission approved preliminary and final bond documents and underwriter selections to issue approximately $110 million in 2025C tax allocation bonds, with $97.8 million earmarked for two affordable housing projects including Mission Bay South Block 4 East (Phase 1) and Candlestick Point Block 11A.
The San Francisco Commission on Community Investment and Infrastructure on Nov. 18 approved documents and underwriter selections to enable OCII to issue approximately $110 million in 2025C tax allocation bonds to finance affordable housing projects.
Nick Jones, OCII debt manager, said a project fund of about $97,800,000 would support Block 4 East Phase 1 in Mission Bay South (a 165‑unit Phase 1 element called Block 4 East Phase A) and a smaller predevelopment portion for Candlestick Block 11A. Jones said the bonds would finance roughly 341 affordable housing units in total and that the enabling legal authority is California Health and Safety Code Section 34177.7(a)(1)(A).
Jones said OCII used an RFP to select Stifel as lead underwriter with Morgan Stanley and Piper Sandler as co‑managers to broaden investor reach. He said the department of finance and oversight board previously approved the issuance and that OCII expects to go to market in December; final pricing, interest rates and final numbers will be determined at sale.
Commissioner Miller asked about market conditions; Jones said tax‑exempt markets are currently favorable with falling interest rates. The commission moved and approved the item by roll call, 4 ayes and 1 absent. The action authorizes the preliminary official statement, continuing disclosure certificate and underwriter selections ahead of the sale to investors.
The bond proceeds will be used to support predevelopment, GAAP loans and construction financing for identified affordable housing projects. Staff said other contemplated funding (such as for the Under‑Ramp Park in Transbay) remains delayed pending additional environmental work.
