OCII authorizes $8M increase to keep Mission Bay homeownership units affordable at 400 China Basin
January 16, 2024 | San Francisco City, San Francisco County, California
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The Office of Community Investment and Infrastructure authorized a first amendment on Jan. 16 to increase the permanent loan for 400 China Basin Street by $8 million to preserve targeted affordability for 148 limited-equity homeownership units.
Pam Sims, senior development specialist, said the additional funds are needed because mortgage interest rates rose significantly since the commission’s prior approvals; she said the extra $8 million allows the developer to retain lower unit prices for first-time homebuyers while still repaying construction financing.
Sims described the project as 148 units offered under OCII’s limited-equity program administered with the mayor’s office of housing and community development. The presentation listed unit counts and illustrative price ranges; staff said AMI targeting for the for-sale units will range from 80% to 110% AMI and that the project includes 34 parking spaces and 76 bicycle spaces.
Commissioners emphasized outreach and marketing to Certificate of Preference holders and historically excluded communities. Michael Simmons, part of the development team, described multi-phase outreach begun in 2022, including postcards to COP holders, targeted flyers to displaced tenants, bus-shelter and transit advertising, partnerships with Homeownership SF for counseling, and school and employer outreach to reach teachers and other employees.
Public commenters and COP-holders praised the outreach and urged strong contracting and local hiring goals for associated construction work. Staff reported professional-services contracting participation at about 71.6% SBE and construction contracting at about 49.2% SBE, with approximately 33.7% San Francisco-based SBEs in construction figures presented.
Commissioners voted to approve the amendment. Staff said construction is about 70% complete and that applications will open via DAHLIA in mid-March with a lottery targeted for May and move-ins anticipated after August completion.
Pam Sims, senior development specialist, said the additional funds are needed because mortgage interest rates rose significantly since the commission’s prior approvals; she said the extra $8 million allows the developer to retain lower unit prices for first-time homebuyers while still repaying construction financing.
Sims described the project as 148 units offered under OCII’s limited-equity program administered with the mayor’s office of housing and community development. The presentation listed unit counts and illustrative price ranges; staff said AMI targeting for the for-sale units will range from 80% to 110% AMI and that the project includes 34 parking spaces and 76 bicycle spaces.
Commissioners emphasized outreach and marketing to Certificate of Preference holders and historically excluded communities. Michael Simmons, part of the development team, described multi-phase outreach begun in 2022, including postcards to COP holders, targeted flyers to displaced tenants, bus-shelter and transit advertising, partnerships with Homeownership SF for counseling, and school and employer outreach to reach teachers and other employees.
Public commenters and COP-holders praised the outreach and urged strong contracting and local hiring goals for associated construction work. Staff reported professional-services contracting participation at about 71.6% SBE and construction contracting at about 49.2% SBE, with approximately 33.7% San Francisco-based SBEs in construction figures presented.
Commissioners voted to approve the amendment. Staff said construction is about 70% complete and that applications will open via DAHLIA in mid-March with a lottery targeted for May and move-ins anticipated after August completion.
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