San Francisco Accepts $45.1M AHSC Award for Treasure Island IC4.3, $30M Loan

San Francisco moved forward this week to accept a $45,109,140 award from the State of California’s Affordable Housing and Sustainable Communities program for Treasure Island Parcel IC4.3, a package that includes a $30,000,000 loan to IC4.3 Family Housing, L. City officials took formal steps on February 25, 2026, to authorize the acceptance and begin whatever administrative actions are required to secure the funds.

The award comes under the State of California’s Affordable Housing and Sustainable Communities program, identified in the city paperwork as AHSC. The total allocation to Parcel IC4.3 is $45,109,140; of that amount, $30,000,000 is designated as a loan to the entity listed as IC4.3 Family Housing, L, leaving $15,109,140 in additional award components within the same package.

By advancing formal acceptance on February 25, San Francisco cleared a procedural hurdle for the Treasure Island project tied to Parcel IC4.3. The city action completes an internal step that municipal finance staff and project representatives had flagged as necessary before state funds can be drawn down and before the named borrower, IC4.3 Family Housing, L, can move toward closing on the $30,000,000 loan component.

The AHSC program award places state capital directly into a discrete parcel on Treasure Island, signaling a targeted investment in affordable-housing and sustainable-community objectives on the island. The allocation structure - a large loan tranche alongside other award funds - will shape how IC4.3 Family Housing, L organizes its project financing and interacts with San Francisco’s permitting and oversight processes as the development advances.

With the city’s acceptance formalized February 25, the next administrative steps will center on implementing the AHSC award conditions for Parcel IC4.3 and arranging for disbursement of the $30,000,000 loan to IC4.3 Family Housing, L. The $45,109,140 award represents a defined infusion of state resources into Treasure Island’s redevelopment financing, and its execution will determine the timeline for capital flow and project milestones on Parcel IC4.3.