This resolution urges California officials to change regulations that currently prevent San Francisco from receiving funding for new affordable housing projects. It aims to address unfair distribution of resources that negatively impacts the city's housing development efforts.
Resolution urging Treasurer Fiona Ma and the California Debt Limit Allocation Committee (“CDLAC”) to amend the adopted CDLAC regulations immediately to address the regional inequities of the allocation system resulting in no awards to San Francisco for new construction affordable housing projects.
How it got here
The legislation originated from the need to address regional inequities in the allocation of tax-exempt bonds for affordable housing in San Francisco.
In 2021, CDLAC implemented a new allocation system to award $2.2 billion of tax-exempt bonds for Qualified Residential Rental Projects due to oversubscription of tax-exempt private activity bonds (PAB).
Supervisor Shamann Walton introduced a resolution urging Treasurer Fiona Ma and CDLAC to amend regulations to address inequities in the allocation system that resulted in no awards to San Francisco for new construction affordable housing projects.
The Board of Supervisors adopted Resolution No. 408-21, urging immediate amendments to CDLAC regulations to ensure fair allocation for San Francisco's affordable housing projects.
The Mayor returned the resolution unsigned, which allowed it to become effective without her approval due to the time limit set forth in the Charter.
Reconstructed from attached documents & the official record
