San Francisco approves $51M bond for Hunters Pointe and $32.5M for Franklin Street housing

San Francisco County is taking significant steps to enhance affordable housing through two proposed bond issuances, totaling over $83 million. During a recent government meeting, officials discussed resolutions aimed at securing funding for two key projects: Hunters Pointe Shipyard Block 56 and 98 Franklin Street.

The first resolution seeks to authorize the issuance of residential mortgage revenue bonds not exceeding $51.2 million for the Hunters Pointe Shipyard project, which will provide 73 units of 100% affordable housing for families earning 50% or less of the area median income. This project will also feature a landscaped courtyard and play areas, contributing to community development in the Hunters Point area.

The second resolution proposes an additional $32.5 million in bonds for the 98 Franklin Street development, which will include 72 affordable units alongside 270 market-rate units. The financing will ensure that public funds are exclusively allocated to the affordable housing component, adhering to the city’s inclusionary housing requirements.

William Wilcox, the bond program manager with the Mayor's Office of Housing and Community Development, emphasized that these bond issuances will not require the city to pledge any of its funds for repayment, allowing for a more sustainable approach to financing. The resolutions are designed to facilitate applications to the California Debt Limit Allocation Committee, which is essential for securing the necessary bond allocations.

Public comments during the meeting highlighted concerns regarding the environmental implications of building on potentially contaminated land in the Hunters Point area. One speaker raised issues about the site's history and the need for thorough environmental assessments before proceeding with development.

Despite these concerns, the committee unanimously recommended moving forward with the bond resolutions, signaling strong support for the city's efforts to address the affordable housing crisis. The Mayor's Office plans to return to the Board of Supervisors for final approvals early next year, marking a crucial step in advancing these vital housing projects.