Ordinance appropriating $40,000,000 of General Obligation (GO) Bond proceeds from Series 2025E Affordable Housing to the Mayor’s Office of Housing and Community Development (MOHCD) to acquire, improve and rehabilitate and to convert at-risk multi-unit residential buildings to permanent affordable housing; and placing these funds on Controller’s Reserve pending the sale of the General Obligation Bonds in Fiscal Year (FY) 2024-2025.

Voters approved Proposition A, authorizing $350 million in general obligation bonds for seismic safety improvements, which later included provisions for affordable housing.

Voters approved Proposition C, amending Proposition A to allow funding for the acquisition and rehabilitation of at-risk multi-unit residential buildings for affordable housing.

MOHCD presented a request to the Budget and Finance Committee for the appropriation of $40 million in General Obligation Bond proceeds to support affordable housing projects.

The committee reviewed and recommended the ordinance for the appropriation of $40 million in bond proceeds, amending it to clarify the funding's purpose.

The Board of Supervisors passed the ordinance on first reading, moving forward with the appropriation process.

The Board of Supervisors finally passed the ordinance, officially appropriating the funds for affordable housing initiatives.

The Mayor approved the ordinance, allowing the appropriation of the $40 million in General Obligation Bond proceeds.