The Port Commission approved an amendment to the Mission Rock Housing Plan for Phase 1 of the Mission Rock Project at Seawall Lot 337. The amendment reduces the minimum percentage of inclusionary affordable housing units required per phase from 30% to 20%. For Phase 1 specifically, the BMR units will decrease from 161 to 132, lowering the overall percentage of BMR units in Phase 1 from 30% to 24.6%. This modification also involves converting 150% AMI units to 120% AMI or 90% AMI units, and converting unleased BMR units to either 90% AMI or market-rate. The changes are proposed due to challenges in leasing higher Area Median Income (AMI) units and a demonstrated demand for lower AMI units. The Mission Rock Project is a 28-acre mixed-use development anticipating 1,000 to 1,950 residential units, 1.4 million square feet of commercial/office space, and 52,000 square feet of retail space upon full build-out.