OCII Approves $175M Bond Issuance for Transbay Infrastructure and Affordable Housing

The San Francisco City Commission made significant strides in funding infrastructure and affordable housing during its recent meeting, approving a series of bond issuances totaling up to $175 million. This funding is aimed at supporting critical projects in the Transbay area and fulfilling the city’s affordable housing obligations.

The commission unanimously approved the issuance of new money tax allocation bonds, which will finance the construction of 341 affordable housing units and various infrastructure projects. Director Kieslowski emphasized the importance of these bonds, stating they are essential for meeting the city’s commitment to provide 4,334 affordable housing units, with 330 currently under construction.

The bond issuance includes two series: the 2026 A bonds, which are taxable and will fund both affordable housing and the Transbay Underramp Park project, and the 2026 B bonds, which are tax-exempt and will cover public use infrastructure. The total estimated proceeds from these bonds are projected at approximately $146.9 million, with the authority to issue up to $175 million to accommodate potential cost increases and project delays.

Commissioners voted in favor of the bond issuance with a 4-0 tally, with one member absent. This decision marks a crucial step in advancing San Francisco’s infrastructure and housing initiatives, reflecting the city’s ongoing commitment to addressing its housing crisis and enhancing public spaces. The commission is now poised to move forward with the necessary contracts and agreements to implement these projects effectively.