Treasure Island Development Authority approves $60M loan for affordable housing project
April 20, 2022 | San Francisco County, California
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The San Francisco County government meeting on July 4, 2025, focused on significant developments regarding affordable housing on Treasure Island. The meeting primarily addressed two resolutions aimed at financing the construction of a new multifamily rental housing project designed for low and moderate-income families.
The first resolution authorizes the Treasure Island Development Authority (TIDA) to enter into a standard agreement with the California Department of Housing and Community Development (HCD) under the California Housing Accelerator Program. This agreement includes a loan of up to $60 million to Mercy Housing California 82 LP for the construction of affordable housing on Treasure Island Parcel C3. The project will provide essential housing for families and is expected to commence upon the execution of the agreement.
The second resolution approves a loan agreement with Mercy Housing California 82 LP for approximately $33.4 million, intended to finance the construction of a 138-unit multifamily rental housing development, which includes one staff unit. This project is also located on Treasure Island, specifically at the new address of 78 Johnson Street. The loan agreement is structured for a minimum term of 57 years and aligns with the city’s general plan and planning code policies.
Bob Beck, the TIDA director, provided an overview of the broader Treasure Island program, which aims to develop 8,000 new homes, with over 27% designated as affordable housing. The program also includes plans for commercial space and new parks, alongside infrastructure improvements to adapt to sea level rise.
Cindy Heavens, a senior project manager from the Mayor's Office of Housing and Community Development, highlighted the importance of the HCD Accelerator Loan as a new funding source, which replaces tax-exempt bonds that were not awarded last year. This project is one of four prioritized developments under the accelerator program, which aims to expedite housing projects that faced financing challenges.
The meeting concluded with discussions on the project's timeline, with hopes to close on construction financing by May 13, 2025, to avoid delays in the bidding process. If successful, residents could begin moving into the new units in 2024, marking a significant step forward in addressing the housing needs of low and moderate-income families in San Francisco.
The first resolution authorizes the Treasure Island Development Authority (TIDA) to enter into a standard agreement with the California Department of Housing and Community Development (HCD) under the California Housing Accelerator Program. This agreement includes a loan of up to $60 million to Mercy Housing California 82 LP for the construction of affordable housing on Treasure Island Parcel C3. The project will provide essential housing for families and is expected to commence upon the execution of the agreement.
The second resolution approves a loan agreement with Mercy Housing California 82 LP for approximately $33.4 million, intended to finance the construction of a 138-unit multifamily rental housing development, which includes one staff unit. This project is also located on Treasure Island, specifically at the new address of 78 Johnson Street. The loan agreement is structured for a minimum term of 57 years and aligns with the city’s general plan and planning code policies.
Bob Beck, the TIDA director, provided an overview of the broader Treasure Island program, which aims to develop 8,000 new homes, with over 27% designated as affordable housing. The program also includes plans for commercial space and new parks, alongside infrastructure improvements to adapt to sea level rise.
Cindy Heavens, a senior project manager from the Mayor's Office of Housing and Community Development, highlighted the importance of the HCD Accelerator Loan as a new funding source, which replaces tax-exempt bonds that were not awarded last year. This project is one of four prioritized developments under the accelerator program, which aims to expedite housing projects that faced financing challenges.
The meeting concluded with discussions on the project's timeline, with hopes to close on construction financing by May 13, 2025, to avoid delays in the bidding process. If successful, residents could begin moving into the new units in 2024, marking a significant step forward in addressing the housing needs of low and moderate-income families in San Francisco.
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