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.
Resolution authorizing the issuance and sale of not to exceed $152,000,000 aggregate principal amount on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Social Bonds - Affordable Housing, 2024) Series 2024D; prescribing the form and terms of such bonds; providing for the appointment of depositories and other agents for such bonds; providing for the establishment of accounts and/or subaccounts related to such bonds; authorizing the sale of such bonds by competitive or negotiated sale; approving the forms of the Official Notice of Sale and Notice of Intention to Sell Bonds and directing the publication of the Notice of Intention to Sell Bonds; approving the form of the Purchase Contract; approving the form of the Preliminary Official Statement and the execution of the Official Statement relating to the sale of such bonds; approving the form of the Continuing Disclosure Certificate; authorizing and approving modifications to such documents; ratifying certain actions previously taken, as defined herein; and granting general authority to City officials to take necessary actions in connection with the authorization, issuance, sale, and delivery of such bonds, as defined herein.
How it got here
The legislation originated from the need to finance affordable housing projects in San Francisco, following voter approval of Proposition A in March 2024.
The Board adopted Resolution No. 528-23, declaring the necessity for affordable housing improvements.
The Board passed Ordinance No. 231-23, calling for a special election to incur bonded indebtedness for affordable housing.
Voters approved Proposition A, allowing the City to incur $300 million in bonded indebtedness for affordable housing.
The Board declared the results of the Proposition A Bond Election, confirming voter approval.
The Board adopted Resolution No. 562-24, authorizing the issuance of General Obligation Bonds for affordable housing.
The Mayor approved the resolution authorizing the issuance of the Series 2024D Bonds.
The Office of Public Finance requested the Board to consider resolutions for the issuance of various General Obligation Bonds, including the Series 2024D Bonds.
Reconstructed from attached documents & the official record
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.
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.
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 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.
