Citywide Affordable Housing Loan Committee Meeting

Chinatown Community Development Center (“CCDC”) requests a commitment for permanent gap funding from OCII in an amount of up to $65,011,065 for Transbay Block 2 West, a 100% affordable senior housing project located on the western half of Block 2 of the Transbay Redevelopment Project Area. The project includes 151 studio and one-bedroom units serving households with incomes ranging from 15% to 50% of the area median income, one two-bedroom manager’s unit, and three ground floor retail spaces. 30 units will serve formerly homeless senior households with subsidy from the Local Operating Subsidy Program and 60 units will serve extremely low-income seniors with subsidy from the Senior Operating Subsidy program. The loan will be bifurcated, with $62,428,902 in funding for the residential project and $2,582,163 in a separate loan for development of the commercial spaces. This commitment is sought now in preparation for a May 2023 CDLAC/TCAC application. The requested commitment will require approval from the OCII Commission.

Chinatown Community Development Center