OCII presents $685M budget for 2024-2025 housing and infrastructure projects
April 02, 2024 | San Francisco City, San Francisco County, California
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The San Francisco Office of Community Investment and Infrastructure (OCII) presented its budget for the fiscal year 2024-2025 during a recent government meeting, outlining a significant investment of approximately $685 million aimed at enhancing the city’s infrastructure and housing initiatives.
Director Koslovsky opened the discussion, emphasizing the agency's commitment to delivering affordable housing, public infrastructure, and open spaces across key areas such as Mission Bay, Transbay, and Shipyard Candlestick Point. The budget is designed to support the construction of 22,000 new housing units, the development of 379 acres of parks, and the creation of 13 million square feet of commercial space.
Mina Yu, the senior project and finance manager, detailed the budget's allocation, noting that the largest portion—around $306 million—comes from prior period authority, which reflects funds carried over from previous years. The budget also anticipates a decrease of $27.3 million compared to the previous year, primarily due to adjustments in property tax and developer payments.
Key projects highlighted for the upcoming fiscal year include the completion of infrastructure in Mission Bay, the design of two parks in Transbay, and the initiation of horizontal infrastructure work in the Shipyard. Additionally, the housing program will see the commencement of two pre-development loans and the continuation of construction on multiple projects.
The OCII's budget process is closely tied to the state budget and is currently under review by the Department of Finance. Any necessary adjustments will be incorporated before the budget is submitted to the mayor's office and the Board of Supervisors.
This budget workshop marks a critical step in addressing the pressing needs for housing and infrastructure in San Francisco, reflecting the city’s ongoing efforts to enhance community resources and support local businesses. As the city moves forward, the outcomes of this budget will play a vital role in shaping the future of San Francisco’s neighborhoods and public spaces.
Director Koslovsky opened the discussion, emphasizing the agency's commitment to delivering affordable housing, public infrastructure, and open spaces across key areas such as Mission Bay, Transbay, and Shipyard Candlestick Point. The budget is designed to support the construction of 22,000 new housing units, the development of 379 acres of parks, and the creation of 13 million square feet of commercial space.
Mina Yu, the senior project and finance manager, detailed the budget's allocation, noting that the largest portion—around $306 million—comes from prior period authority, which reflects funds carried over from previous years. The budget also anticipates a decrease of $27.3 million compared to the previous year, primarily due to adjustments in property tax and developer payments.
Key projects highlighted for the upcoming fiscal year include the completion of infrastructure in Mission Bay, the design of two parks in Transbay, and the initiation of horizontal infrastructure work in the Shipyard. Additionally, the housing program will see the commencement of two pre-development loans and the continuation of construction on multiple projects.
The OCII's budget process is closely tied to the state budget and is currently under review by the Department of Finance. Any necessary adjustments will be incorporated before the budget is submitted to the mayor's office and the Board of Supervisors.
This budget workshop marks a critical step in addressing the pressing needs for housing and infrastructure in San Francisco, reflecting the city’s ongoing efforts to enhance community resources and support local businesses. As the city moves forward, the outcomes of this budget will play a vital role in shaping the future of San Francisco’s neighborhoods and public spaces.
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