So Prop G passed, paving the way for Lennar to develop the Bayview / Hunters Point neighborhood with a promised 35% affordable housing—but will they have the necessary funds to make good on all their promises? Crusading Supervisor Chris Daly doubts it— he's demanded a review of the project funds after discovering that the San Francisco Redevelopment Agency has been denied a $25,000,000 grant that would subsidize the cost of asupportive (and necessary) infrastructure at the Shipyard site. This apparent funding shortfall could have an immediate impact on Parcel A, a recently graded hillside lot that will hopefully one day contain 1,500 unit condo monsterplex. As if that's not enough, the Shipyard Legacy Fund— the money slated for nabe investment— has shrunk from $30M to $5M. Time to push the panic button, or is this just a standard hiccup in the process of creating The Largest Urban Redevelopment Project in The Nation. Maybe there's a giant municipal couch somewhere with a few million dollars between the cushions.
· Uh-oh: Lennar’s $25 million shipyard funding gap [SFBG Politics]