SF wants $600 million housing bond for 2,800 homes
Published by Adam Brinklow, Curbed SF on July 10, 2019
The city wants to borrow $600 million for a housing bond to create 2,800 affordable homes in four years, but voters must approve the measure by a two-thirds margin in November’s off-year election to make it happen.
The Board of Supervisors voted unanimously in favor of the bond measure on Tuesday, which lawmakers called a necessary tool to fight the housing crisis.
Proceeds of the bonds will be used to fund the costs of capital projects that will construct, develop, acquire, and preserve housing affordable to extremely-low, low and middle-income households through programs that will prioritize the city’s vulnerable populations such as working families, veterans, seniors and persons with disabilities through (i) the acquisition, rehabilitation and preservation of existing affordable housing to prevent the displacement of City residents; (ii) the repair and reconstruction of distressed and dilapidated public housing developments and their underlying infrastructure; (iii) the construction of new 100 percent affordable rental housing and; (iv) provide assistance to the city’s middle-income residents in obtaining affordable rental or home ownership opportunities including down payment loan assistance for San Francisco Unified School District educators and other middle-income working households.