The ordinance allocates $112 million to the Mayor’s Office of Housing and Community Development for funding affordable housing projects and related repairs, with a focus on high-need areas. It also sets aside $34.8 million for financing costs, pending the sale of Certificates of Participation.
Ordinance appropriating $112,000,000 of Certificates of Participation proceeds to the Mayor’s Office of Housing and Community Development for a notice of funding availability (NOFA) for land acquisition with priority for development of 100% affordable projects in California Debt Limit Allocation Committee (CDLAC) designated high/resources areas and/or high need areas, repairs for Public Housing or Federal Housing and Urban Development (HUD) co-ops, affordable housing for educators, elevators in the City’s Single Room Occupancy (SRO) portfolio, and acquisition for non-profit sites and $34,800,000 of Certificate of Participation Proceeds for various associated financing costs in Fiscal Year (FY) 2022-2023, and placing these funds on reserve pending sale of Certificates of Participation.
How it got here
This legislation originated from the need to address affordable housing and public housing repairs in San Francisco, prompted by the COVID-19 pandemic and the subsequent economic challenges faced by residents.
Voters approved Proposition I, increasing the real estate transfer tax to fund social housing and COVID-19 rent relief programs.
The Board established the COVID-19 Rent Resolution and Relief Fund and the Housing Stability Fund to allocate revenues from the increased transfer tax.
The Board appropriated $20,100,000 from property tax revenues to the Mayor’s Office of Housing and Community Development for rent relief and social housing.
The committee discussed an ordinance to appropriate $26,700,000 from the Fiscal Cliff Reserve for rent relief and social housing.
The committee amended the proposed ordinance to increase the appropriation to $128,300,000 for rent relief and social housing.
The committee amended the ordinance to appropriate $112,000,000 of Certificates of Participation proceeds for various housing initiatives.
The Board passed the ordinance, appropriating funds for affordable housing and public housing repairs.
Reconstructed from attached documents & the official record
