This resolution supports the LIFT Act, which aims to help low-income first-time homebuyers in San Francisco access low-interest loans for purchasing homes. It also encourages collaboration among city offices to establish a Municipal Bank to further assist these residents.
Resolution supporting the Low-Income First-Time Homebuyers (LIFT) Act; urging the Mayor’s Office of Housing and Community Development to work with the Treasurer and Tax Collector’s Office to identify ways to help low-income residents obtain low-interest loans to purchase their first home; and urging the Treasurer and Tax Collector’s Office to continue working with the Reinvest in San Francisco Working Group, the Board of Supervisors, and the Local Agency Formation Commission to establish a Municipal Bank in San Francisco.
How it got here
The legislation originated from a need to support low-income first-time homebuyers and establish a municipal bank in San Francisco.
Former Supervisor Sandra Lee Fewer introduced legislation to set up a working group to create a business plan for the creation of a public bank in San Francisco.
Senators Mark Warner and others introduced the Low-Income First-Time Homebuyers (LIFT) Act in Congress to help low-income, first-time homebuyers build equity quickly.
The Board of Supervisors adopted Resolution 491-21, supporting the LIFT Act and urging the Mayor's Office of Housing and Community Development to assist low-income residents in obtaining low-interest loans.
The Mayor returned the resolution unsigned, but it became effective without her approval due to the time limit set by the charter.
The Clerk of the Board transmitted a courtesy copy of the adopted resolution to relevant city departments for their information and consideration.
Reconstructed from attached documents & the official record
