This ordinance allocates nearly $5.77 million for affordable housing projects, funded primarily through tax increment revenue bonds related to Treasure Island. The funds will be held in reserve until the bonds are sold and proceeds are received in the 2025-2026 fiscal year.
Ordinance appropriating $5,769,288 consisting of $5,500,000 from the issuance of Treasure Island Infrastructure and Revitalization Financing District (IRFD) No. 1 Tax Increment Revenue Bonds and $269,288 accumulated interest earnings from the Series 2022B and Series 2023B Treasure Island IRFD Bond to fund affordable housing projects to the Mayor’s Office of Housing and Community Development (MOHCD), and placing these funds on Controller’s Reserve pending the sale of the Tax Increment Revenue Bonds and receipt of proceeds in Fiscal Year (FY) 2025-2026.
How it got here
This legislation originated from the need to fund affordable housing projects through the issuance of tax increment revenue bonds associated with the Treasure Island Infrastructure and Revitalization Financing District.
The Controller's Office requested the Board of Supervisors to approve the issuance of up to $31 million in tax increment revenue bonds for the Treasure Island IRFD, including a supplemental appropriation of $5,769,288 for affordable housing projects.
The Mayor's Office submitted an ordinance to appropriate $5,769,288 from the Treasure Island IRFD Tax Increment Revenue Bonds and accumulated interest to fund affordable housing projects.
The Budget and Finance Committee recommended the ordinance for approval, which included the appropriation of funds for the Mayor’s Office of Housing and Community Development.
The Board of Supervisors passed the ordinance on first reading, moving forward with the appropriation of funds for affordable housing.
The Board of Supervisors finally passed the ordinance, officially appropriating the funds to the Mayor’s Office of Housing and Community Development.
The Mayor approved the ordinance, finalizing the appropriation of funds for affordable housing projects.
Reconstructed from attached documents & the official record
