Committee recommends $63M conduit financing for 112‑unit Hunters Point Shipyard affordable housing project

The Budget and Finance Committee on April 5 recommended that the Board approve issuance of tax‑exempt multifamily housing revenue notes of up to $63 million to finance a 112‑unit, 100% affordable housing development at Hunters Point Shipyard (Blocks 52 and 54).

Jasmine Kuo of the Office of Community Investment and Infrastructure (OCII) described the project as two noncontiguous buildings with a total development cost estimated at approximately $133 million. The project includes 110 units targeted to households earning between 30% and 50% of area median income, plus two manager’s units; roughly 30% of units will be 3‑, 4‑ and 5‑bedroom sizes. Construction is scheduled to begin in May 2023 with an expected completion date in April 2025.

Supervisors asked about the unusual inclusion of a single 5‑bedroom unit; Elizabeth Colomela, OCI housing program manager, said commissioners pushed for larger bedroom counts to meet community needs and that replacement bedroom counts for prior redevelopments are being addressed across projects.

The committee voted 3‑0 to forward the resolution to the full Board with a positive recommendation. OCII staff said the transaction is conduit financing that does not pledge city funds for repayment, and that the city would have the option to withdraw from the authority with 90 days’ notice where applicable.