The ordinance calls for a special election on March 5, 2024, to let voters decide on a $300 million bond for building and improving affordable rental housing in San Francisco. It includes provisions for independent oversight, allows landlords to pass on half of any property tax increase to tenants, and ensures compliance with environmental and planning regulations.
Ordinance calling and providing for a special election to be held in the City and County of San Francisco on Tuesday, March 5, 2024, for the purpose of submitting to San Francisco voters a proposition to incur bonded indebtedness of not-to-exceed $300,000,000, subject to independent citizen oversight and regular audits, to finance the construction, development, acquisition, and/or rehabilitation of rental affordable housing, including workforce housing and senior housing, for households ranging from extremely low-income to moderate-income households; and related costs necessary or convenient for the foregoing purposes; authorizing landlords to pass-through 50% of the resulting property tax increase, if any, to residential tenants under Administrative Code Chapter 37; providing for the levy and collection of taxes to pay both principal and interest on such Bonds; incorporating the provisions of the Administrative Code relating to the Citizens’ General Obligation Bond Oversight Committee’s review of Affordable Housing Bond expenditures; setting certain procedures and requirements for the election; affirming a determination under the California Environmental Quality Act; and finding that the proposed Bond is consistent with the General Plan, and with the eight priority policies of Planning Code, Section 101.1.
How it got here
This resolution allows for the construction and rehabilitation of affordable rental housing in San Francisco, funded by up to $300 million in bonds, with oversight and audits to ensure proper use of funds. It also permits landlords to pass on half of any property tax increase to tenants and confirms compliance with environmental and planning regulations.
This resolution allows San Francisco to issue and sell up to $152 million in bonds to fund affordable housing projects. It outlines the terms and processes for the sale of these bonds and authorizes city officials to manage the related activities.
This resolution allows San Francisco to issue up to $300 million in general obligation bonds to fund affordable housing projects. It also includes provisions for tax levies to repay the bonds and ensures compliance with environmental and planning regulations.
