Executive Summary

Summary of Report

The Office of Community Investment and Infrastructure (“OCII”) is the driving force in creating three vibrant and inclusive neighborhoods in San Francisco. Beginning under the leadership of the San Francisco Redevelopment Agency Commission and now under the Commission on Community Investment and Infrastructure (“CCII”, or “Commission”), 21,927 new housing units are being created in its major development Project Areas as summarized below.

•    Hunters Point Shipyard Phase I
•    Hunters Point Shipyard Phase II/ Candlestick Point
•    Mission Bay North
•    Mission Bay South
•    Transbay

In Fiscal Year 2023-2024 (“FY 23-24”), Senate Bill No. 593 (Wiener) was approved by both the Senate and Assembly and signed by Governor Newsom. Senate Bill No. 593 (“SB 593”) authorizes OCII to use a limited form of tax increment financing to fund and develop 5,842 affordable units that the former San Francisco Redevelopment Agency (“SFRA") destroyed and that were never replaced (“Replacement Housing Obligation”). SB 593 authorizes debt financing secured by redevelopment property tax increment that would otherwise be allocated to the City and County of San Francisco (“City”) after other existing obligations of OCII are paid. This source of funding is limited and thus issuing bonds to pay for the housing construction will occur over many years.

In total, OCII is responsible for 27,776 new units including housing created in Project Areas and the new Replacement Housing Obligation.  As of June 2024, 9,239 units (2,752 affordable units and 6,487 market rate units) have been completed in these Project Areas.

Of the 27,776 total units, 47% (12,956 housing units) will be affordable. Affordable units are defined as being restricted to and priced for households earning from 0% up to 120% of the Area Median Income ("AMI").

Affordable rental projects typically serve low- or very low-income households (up to 60% or 50% of AMI), while affordable homeownership units are designated for first-time low to moderate-income buyers earning between 80%-120% AMI.

This Annual Housing Production Report for FY 23-24 provides a summary and status of OCII’s housing goals, and accomplishments from FY 23-24 as of June 30, 2024, including the following: 

• Housing Construction starts

• Housing funding activity

• Affordable housing marketing outcomes including Certificate of Preference results

• Small Business Enterprise and Workforce results

• Appendix with additional housing project details

Total Housing Stats

OCII began construction on a total of 335 housing units in FY 23-24. These units are comprised of two Transbay projects, a 151-unit senior rental housing project and a 184-unit family rental housing project. See Table 1 for this data.

Table 1: Housing Starts Fiscal Year '23-24

Housing Funding Activity

One of OCII’s key tools in delivering affordable housing is the ability to secure funding through public financing and make direct loans to affordable housing developers.

In FY 23-24, the OCII approved construction loans for a total of $134,793,023  as shown in Table 2.

The sources of funding for OCII’s affordable housing include taxable housing bonds authorized under Redevelopment Dissolution law, and developer fees such as jobs-housing linkage fees.

Table 2: Housing Funding Activity