This ordinance allocates over $202 million from General Obligation Bond proceeds to support various affordable housing projects in San Francisco, including funding for middle-income, senior, and low-income housing, as well as the preservation and improvement of at-risk residential buildings. The funds will be held in reserve until the bond proceeds are received.
Ordinance appropriating $202,004,550 of General Obligation (GO) Bond proceeds to the Mayor’s Office of Housing and Community Development (MOHCD), including: $107,540,000 of proceeds from Series 2026D Affordable Housing GO Bonds for middle income and senior housing projects; $47,000,000 of proceeds from Series 2026E Affordable Housing GO Bonds for low-income housing projects; and $47,464,550 from Series 2026F Preservation and Seismic Safety GO Bonds to acquire, improve and rehabilitate and to convert at-risk multi-unit residential buildings to permanent affordable housing in Fiscal Year (FY) 2026-2027; and placing these funds on Controller’s Reserve pending the receipt of the bond proceeds.
How it got here
This legislation originated from the need to allocate funds from General Obligation Bonds for affordable housing projects in San Francisco.
The Mayor's Office introduced an ordinance to appropriate $202,004,550 of General Obligation Bond proceeds to the Mayor’s Office of Housing and Community Development for various affordable housing projects.
The Capital Planning Committee reviewed the proposed ordinance regarding the appropriation of General Obligation Bond proceeds for affordable housing.
The Budget and Finance Committee held a hearing to discuss the ordinance and the allocation of funds for affordable housing projects.
The Board of Supervisors considered the ordinance for the first time, focusing on the appropriation of funds for affordable housing.
The Board of Supervisors held a second hearing to further discuss and potentially approve the ordinance.
The bonds are expected to be sold and closed, allowing the funds to be available for the approved housing projects.
Reconstructed from attached documents & the official record
