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.
Resolution providing for the issuance of not to exceed $300,000,000 aggregate principal amount of City and County of San Francisco General Obligation Bonds (Affordable Housing, 2024) (Bonds); authorizing the issuance and sale of said Bonds; providing for the levy of a tax to pay the principal and interest thereof; providing for the appointment of depositories and other agents for said Bonds; providing for the establishment of accounts related thereto; adopting findings under the California Environmental Quality Act ("CEQA"), the CEQA Guidelines, and San Francisco Administrative Code, Chapter 31; finding that the proposed project is in conformity with the priority policies of Planning Code, Section 101.1(8), and with the General Plan consistency requirement of Charter, Section 4.105, and Administrative Code, Section 2A.53; ratifying certain actions previously taken, as defined herein; and granting general authority to City officials to take necessary actions in connection with the issuance and sale of said Bonds, as defined herein.
How it got here
The legislation for the issuance of $300 million in General Obligation Bonds for affordable housing in San Francisco originated from a voter-approved proposition following a special election.
The Board adopted Ordinance No. 231-23, calling for a special election to incur bonded indebtedness for affordable housing.
Voters approved Proposition A, allowing the City to issue up to $300 million in General Obligation Bonds for affordable housing.
The Board declared the results of the election, confirming that the required two-thirds of voters approved Proposition A.
The Planning Department confirmed that the bond issuance is not subject to CEQA as it does not commit to specific projects.
The Planning Department provided a response regarding the bond issuance, confirming compliance with planning policies.
The Budget and Finance Committee recommended the resolution for the bond issuance.
The Board adopted the resolution authorizing the issuance of the bonds.
The Mayor approved the resolution for the issuance of the bonds.
Reconstructed from attached documents & the official record
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.
A formal position or approval by the Board: Allow the issuance and sale of not to exceed $195,000,000 aggregate principal amount of one or more series of City and County of San Francisco General Obligation Bonds (Healthy, Safe and Vibrant San Francisco, 2024), Series 2026A (“Bonds”) on a tax-exempt or taxable basis.
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.
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.
