This resolution allows the Mayor’s Office of Housing and Community Development to spend over $2.3 million from the South of Market Community Stabilization Fund to support residents and businesses affected by destabilization in the SoMa area from mid-2025 to mid-2027. The funding aims to address various impacts on the community during this period.
Resolution authorizing the Mayor’s Office of Housing and Community Development to expend South of Market (SoMa) Community Stabilization Fund dollars in the amount of $2,325,548 to address various impacts of destabilization on residents and businesses in SoMa from July 1, 2025, through June 30, 2027.
How it got here
The legislation originated from the need to address the impacts of destabilization on residents and businesses in the South of Market area, prompted by previous development policies.
The Board approved Ordinance No. 217-05, which established the SoMa Community Stabilization Fee to mitigate impacts of new development in the Rincon Hill area.
The Board approved Resolution No. 216-08, creating the SoMa Community Stabilization Fund Strategic Plan and authorized the Mayor’s Office of Housing and Community Development (MOHCD) to administer the Fund.
MOHCD issued an RFP for community-based organizations to apply for funding from the SoMa Community Stabilization Fund for services in FY 2025-26 and FY 2026-27.
MOHCD submitted a proposed resolution to authorize the expenditure of $2,405,548 from the SoMa Community Stabilization Fund to address various impacts of destabilization.
The Mayor's office recommended the resolution to authorize the expenditure of SoMa Community Stabilization Fund dollars.
The Board adopted the resolution authorizing the expenditure of $2,325,548 from the SoMa Community Stabilization Fund for the period from July 1, 2025, through June 30, 2027.
Reconstructed from attached documents & the official record
