OCII authorizes Transbay, affordable‑housing tax allocation bonds and approves related contract amendments

The Commission on Community Investment and Infrastructure on March 21 approved foundational documents and contract amendments to permit issuance of tax allocation bonds to finance specified affordable‑housing and Transbay infrastructure obligations.

John Daigle, OCII debt manager, told the commission the proposed Series A would support about 537 affordable units (roughly 16% of the remaining obligation identified in OCII’s plan) and a separate series would support a Transbay Block 3 park project. The bond package as presented included a not‑to‑exceed principal of $30,000,000 for affordable‑housing obligations and $45,000,000 for Transbay infrastructure obligations; staff also reviewed sources/uses, debt service reserve mechanics and the team selection process for underwriters and advisors. Daigle noted the municipal advisor and financial advisor modeled the numbers from current market conditions and discussed potential use of bond insurance.

No public commenters spoke on the items. The commission voted separately on the packet: Item 5c (authorize new‑money tax allocation bonds and related documents) and Items 5d–5f (first amendments to legal services contracts and the financial advisory contract to include the affordable housing series) were each approved by roll call (4 ayes, 1 absent). Next steps noted by staff include oversight board review, Department of Finance review (up to 65 days), preliminary official statement approval, and a planned market date of July 10 with anticipated close in late July.