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TIDA accepts $45M AHSC conditional award to support IC 4.3 affordable housing and transit improvements
Summary
TIDA authorized acceptance and expenditure of an Affordable Housing and Sustainable Communities (AHSC) award of about $45 million for Parcel IC 4.3, funding housing construction, a park (Eastside Commons) and transit, pedestrian and bicycle infrastructure including ferry support.
The Treasure Island Development Authority on Jan. 9 authorized staff to accept and expend a conditional award from the Affordable Housing and Sustainable Communities (AHSC) program for the IC 4.3 affordable housing project.
Joey Benesini, TIDA vertical development project manager, told the board the IC 4.3 parcel will be developed by John Stewart Companies in partnership with Catholic Charities and will include about 150 affordable units: 30 legacy household transition units, 61 replacement units for HomeRise, and other new affordable units to be offered through the Dahlia lottery. The project will also include a ground‑floor childcare facility to be operated by Catholic Charities.
Benesini said the AHSC award totals approximately $45,000,000. He broke out the award as roughly $30,000,000 for housing development on Parcel IC 4.3, about $3,500,000 dedicated to housing‑related infrastructure including the Eastside Commons park necessary for fire access and egress, and roughly $10,900,000 allocated to transit, pedestrian and bicycle infrastructure including ferry operation support (for up to 10 years), 10 new bus shelters and about 3,000 linear feet of pedestrian walkways and one mile of bikeways around the parcel.
TIDA staff recommended, and the board approved, a resolution authorizing the director to execute the standard AHSC agreement and related grant and loan documents. Staff said a similar resolution will be brought to the San Francisco Board of Supervisors later this month as part of local approvals.
Board members asked about the remaining financing plan and the timing of other funding sources; staff said they are still rounding out the full financing plan for IC 4.3 and related authority housing parcels and expected an update next month or in March on the financing plan for the projects.
The board approved accepting the AHSC funds by voice vote.
