OCII authorizes $59M loan for Hunters Point Shipyard affordable housing project

The San Francisco Office of Community Investment and Infrastructure (OCII) held a significant meeting on July 4, 2025, where they authorized a loan agreement of $59,200,732 for the construction of a new affordable housing project at Hunters Point Shipyard. This project will consist of 112 residential units, including 111 affordable family rental units and one manager's unit, marking a crucial step in the city's efforts to address housing needs.

During the meeting, Elizabeth Colomello, a senior development specialist, presented the details of the loan, which will enable the development team to apply for tax-exempt bonds and low-income housing tax credits. The funding is part of OCII's commitment to finance 218 affordable housing units in the Hunters Point Shipyard Phase 1 area. The project is expected to provide housing for families with incomes ranging from 30% to 50% of the area median income, translating to annual earnings between $40,000 and $67,000 for a family of four.

The development team includes the Jonathan Rose Companies as the lead developer, with Bayview Hunters Point Multipurpose Senior Services as the co-developer. The project aims to achieve significant participation from small business enterprises, with 87% of professional services secured from such businesses.

Commissioners expressed their support for the project, highlighting its importance for the community and the need for aesthetically pleasing designs that reflect the residents' dignity. They also discussed the project's timeline, which anticipates construction to begin in mid-2022, contingent on funding and approvals.

In addition to the housing project, the meeting addressed a second amendment to a contract for website maintenance services, aimed at enhancing public access to information about OCII's work. The new website is set to launch in early fall, featuring a more user-friendly design.

Overall, the meeting underscored the city's ongoing commitment to affordable housing and community engagement, with plans to continue outreach and collaboration with local stakeholders as the projects progress.