This ordinance allows the city to issue bonds to fund the purchase, development, or renovation of housing aimed at middle-income and workforce residents. It also sets guidelines for ownership, tenancy, affordability, and program requirements related to this housing.
Ordinance amending the Administrative Code to permit the issuance of bonds to finance the acquisition, development, rehabilitation, or construction of middle-income and workforce housing, and to establish ownership, tenancy, affordability, and program requirements.
How it got here
The legislation originated from the need to address the housing affordability crisis for middle-income and workforce households in San Francisco.
The Board adopted a resolution to approve the FY 2020-29 Capital Plan, recognizing the importance of affordable housing for low- and moderate-income San Franciscans.
Supervisor Aaron Peskin introduced the ordinance to amend the Administrative Code to allow the issuance of bonds for middle-income and workforce housing.
The committee amended the ordinance and recommended it for passage, addressing the funding gap for middle-income housing.
The Board passed the ordinance on first reading, moving it closer to final approval.
The Board finally passed the ordinance, allowing the issuance of bonds for middle-income housing.
The Mayor approved the ordinance, officially enacting the changes to the Administrative Code.
Reconstructed from attached documents & the official record
