This resolution allows the Mayor’s Office of Housing and Community Development to spend $1,025,000 from the South of Market Community Stabilization Fund to support residents and businesses affected by destabilization in the SoMa area for the year 2022. The funding aims to address various impacts experienced by the community during that time.
Resolution authorizing the Mayor’s Office of Housing and Community Development to expend South of Market (SoMa) Community Stabilization Fund dollars in the amount of $1,025,000 to address various impacts of destabilization on residents and businesses in SoMa from January 1, 2022, through December 31, 2022.
How it got here
This legislation originated from the need to address the impacts of destabilization on residents and businesses in the South of Market area, prompted by the establishment of the SoMa Community Stabilization Fund in 2005.
The Board approved Ordinance No. 217-05, which established the SoMa Community Stabilization Fund to mitigate impacts of new development in the Rincon Hill area.
The Board approved Resolution No. 216-08, creating the SoMa Community Stabilization Fund Strategic Plan and authorized the Mayor’s Office of Housing and Community Development (MOHCD) to administer the Fund.
MOHCD issued an RFP for nonprofit organizations to apply for funding from the SoMa Community Stabilization Fund for services addressing destabilization impacts.
MOHCD submitted a proposed resolution to authorize the expenditure of $1,025,000 from the SoMa Community Stabilization Fund to address various impacts of destabilization.
The Budget and Finance Committee recommended the resolution for approval to the Board of Supervisors.
The Board of Supervisors adopted the resolution authorizing the expenditure of $1,025,000 from the SoMa Community Stabilization Fund.
Mayor Breed approved the resolution, finalizing the authorization for the expenditure.
Reconstructed from attached documents & the official record
