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.
Resolution determining and declaring that the public interest and necessity demand the construction, development, acquisition, and/or rehabilitation of rental affordable housing projects, and related costs necessary or convenient for the foregoing purposes; to be financed through bonded indebtedness in an amount not to exceed $300,000,000, subject to independent citizen oversight and regular audits; 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; 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
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.
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.
