OCII presents $717.7 million FY2023–24 budget plan focused on affordable housing and park infrastructure

The Commission on Community Investment and Infrastructure received a workshop Tuesday on OCII's proposed FY2023–24 agency budget, which staff described as a $717.7 million plan focusing on affordable housing loans, infrastructure projects and bond issuances.

Mina Yu, the agency’s budget and project‑finance manager, told commissioners the budget includes $116 million in new affordable‑housing loans, plans for $129 million in new bond issuances and refunds, and maintains a staffing level of 55 full‑time positions. Major project‑area uses include Transbay (the largest), debt service and non‑project allocations; staff said operating expenses are under 3 percent of the total budget.

Transbay and Mission Bay programs were highlighted as near‑term priorities. Ben Brandon, Transbay project manager, outlined $118 million allocated to infrastructure (predevelopment and bond funding) for park projects and park construction, and noted a nearly $34 million pledge to the Transbay Joint Powers Authority tied to the Salesforce Transit Center. Gretchen Heckman and other presenters summarized Mission Bay reimbursements for developer infrastructure and park projects, a $1 million public‑art line item, and park‑opening timelines.

On fiscal risks, Yu cited a March city update projecting a $291 million citywide deficit in 2023–24 and $489 million in 2024–25 driven by declines in commercial property and transfer taxes and delayed reimbursements. Staff said OCII’s debt coverage remains conservative and that historical assessment appeals have reduced assessed values by about 1.3% over the last five years, though commissioners questioned whether that range will hold in the current market.

Commissioners also asked about staffing should a surge of activity occur at Candlestick or Shipyard; staff said OCII may need to hire two development specialists and has some recruiting already underway. Several commissioners pressed for continued attention to legacy‑foundation spending and suggested legacy funds be earmarked for move‑in assistance and local resident support during housing transitions.

The presentation did not include a formal vote; staff said the budget will return to the commission for action on April 18, 2023. Staff also noted that the department would incorporate commissioners’ comments and that the mayor’s budget office and the Board of Supervisors will review the proposal during the city’s budget process.