Appendix
Table 9: Construction Completions in FY22-23
| Project Area | Project Name | Address | Supervisor District | Project Sponsor | Type of Project | Type of Housing | Total Units | Market Rate Units | Inclusionary Affordable Units | OCII Affordable Units | Total Affordable Units | AMI Targeting | Set-Aside Units | Parking Spaces | OCII Actual Funding to Date | Construction Completion | Architect | General Contractor | SBE Professional (completed projects only) | SBE Construction (completed projects only) | SF Workforce (completed projects only) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TABLE 9: CONSTRUCTION COMPLETIONS IN FY22-23 | |||||||||||||||||||||
| Mission Bay South | Block 9 | 410 China Basin St. | 6 | BRIDGE Housing & HomeRise | 100% Affordable | Adult Supportive Rental | 141 | 1 | 0 | 140 | 140 | 30% AMI and below | 140 | 2 | $37,245,760 | April 2023 | Leddy Maytum Stacy / Lowney Architecture / YA Studios | Cahill | 58% | 37% | 22.6% |
Table 9: Construction Starts FY22-23
| Project Area | Project Name | Address | Supervisor District | Project Sponsor | Type of Project | Type of Housing | Total Units | Market Rate Units | Inclusionary Affordable Units | OCII Affordable Units | Total Affordable Units | AMI Targeting | Set-Aside Units | Parking Spaces | OCII Actual Fundung to Date | Construction Completion | Architect | General Contractor | SBE Professional (completed projects only) | SBE Construction (completed projects only) | SF Workforce (completed projects only) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TABLE 9: CONSTRUCTION STARTS FY22-23 | |||||||||||||||||||||
| HPSY Phase I | Block 52 & 54 | 351 & 151 Friedell St. | 10 | The Jonathan Rose Companies | 100% Affordable | Family Rental | 112 | 2 | 0 | 110 | 110 | 50% AMI and below | n/a | 62 | $61,818,999 | May 2025 | Mithun / Solomon | Nibbi Baines | TBD | TBD | TBD |
| HPSY Phase I | Block 56 | 11 Innes Ct. | 10 | Mercy Housing California & SFHDC | 100% Affordable | Family Rental | 73 | 1 | 0 | 72 | 72 | 50% AMI and below | n/a | 46 | $34,813,441 | May 2025 | Van Meter Williams Pollack | Nibbi Baines | TBD | TBD | TBD |
| Mission Bay South | Block 9A | 410 China Basin Street | 6 | Michael Simmons Property Development; Curtis Development; Young Community Developmers | 100% Affordable | Homeownership | 148 | 0 | 0 | 148 | 148 | 110% AMI and below | n/a | 34 | $75,174,522 | August 2024 | Mithun / Studio VARA | Nibbi Baines | TBD | TBD | TBD |
Table 9: Construction Throughout FY22-23
| Project Area | Project Name | Address | Supervisor District | Project Sponsor | Type of Project | Type of Housing | Total Units | Market Rate Units | Inclusionary Affordable Units | OCII Affordable Units | Total Affordable Units | AMI Targeting | Set-Aside Units | Parking Spaces | OCII Actual Fundung to Date | Construction Completion | Architect | General Contractor | SBE Professional (completed projects only) | SBE Construction (completed projects only) | SF Workforce (completed projects only) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TABLE 9: CONSTRUCTION THROUGHOUT FY22-23 | |||||||||||||||||||||
| HPSY Phase I | Block 52 | 52 Kirkwood Ave | 10 | Lennar | Market Rate w/ Inclusionary | Homeownership | 77 | 68 | 9 | 0 | 9 | 80% AMI | n/a | 65 | $0 | April 2024 | LPAS Architecture + Design | Lennar Homes of California | TBD | TBD | TBD |
Table 10: Example Housing Project Schedule
This table illustrates the life and financing timeline of an OCII-funded affordable housing project from solicitation of a development team to completion of construction. A standard project that has no financing or other delays takes about 3 years from development team solicitation through construction starts, and about 2 years to construct.
The blue-shaded areas show predevelopment and construction activities and the yellow-shaded areas show the status of OCII financing during the same period. OCII typically approves funding for predevelopment once the development team solicitation is complete and then a larger permanent funding amount (the “gap” amount) later, once the project specifics are finalized.
A project’s predevelopment funding is typically included in the same fiscal year budget as the developer solicitation occurs. Internally, OCII begins planning the bond issuance that will fund the project’s gap loan about 4-5 months after the developer solicitation begins, to ensure that funds are in place for the bond issuance by the time the project needs the funds.
The Commission will see those funds as part of the annual ROPS Workshop and Budget approvals, and both the project gap loan and the bond issuance containing for funds for the gap loan will be approved by Commission during the predevelopment period.
For rental projects, which make up the majority of OCII-funded affordable housing projects, the funding schedule is driven by state low-income housing tax credit and tax-exempt bond funding timelines which shift annually.
To be competitive for this financing, OCII funds must be committed, though they will not be spent for about a year if a project is awarded funding on the first application, or longer if additional applications are necessary. Once a project is awarded these funds by the State, construction must begin within 6 months.
Once a project is complete, fully leased, and all permanent financing has been obtained, OCII will transfer its fee interest in the project site, together with OCII’s interest in any ground or air rights lease(s) and loan(s), to MOHCD as the Housing Successor Agency. MOHCD will perform long-term asset management and ensure compliance with the terms of project lease(s) and loan(s).