Supervisors approve $1.3M for Treasure Island affordable housing project financing

In a recent San Francisco County government meeting, significant discussions centered around funding for affordable housing projects, particularly on Treasure Island. The meeting highlighted the approval of an ordinance that appropriates $1,350,239 from tax increment revenue bonds to support a predevelopment loan for a new affordable housing initiative.

The ordinance, which was forwarded to the full board with a positive recommendation, is part of a broader effort to address the pressing need for affordable housing in the area. The funds will be utilized for a project that aims to construct 150 affordable housing units and a childcare center on Treasure Island, with construction expected to commence in late 2026 and conclude by 2028.

Jamie Cruben, finance manager with the Treasure Island Development Authority, presented the ordinance, noting that it is a follow-up to a previous bond sale approved by the Board of Supervisors in December. The Budget Legislative Analyst Office recommended adjusting the appropriation amount to reflect the actual sale proceeds, which the Treasure Island Development Authority agreed to.

The meeting also touched on the importance of ensuring access to public transportation for residents of Treasure Island, as discussions continue regarding tolls and transportation infrastructure. This focus on transportation is crucial for the community, as it directly impacts residents' ability to commute and access essential services.

As the meeting concluded, the committee moved to advance the ordinance to the full board, signaling a commitment to enhancing affordable housing options in San Francisco County. The anticipated next steps include further discussions on transportation solutions and continued oversight of the housing project’s development.