Yesterday, San Francisco Mayor Ed Lee presented a proposed “Housing Trust Fund Charter Amendment” to the Board of Supervisors for consideration. If adopted by the Board and voters in November, the fund would create a permanent source of revenue to fund the creation of affordable housing for low and moderate income households in San Francisco.
As proposed, the Housing Trust Fund would begin with $20 million in general fund revenue, increasing to $50 million over time, and generate an estimated $1.1 billion in affordable housing production over the next 30 years in San Francisco.
Specific goals of the fund include:
1. Developing 9,000+ units of permanently affordable housing for residents at 60 percent or below the average median income (AMI), including the HOPE SF rebuild of Sunnydale and Potrero, and the Hugo Hotel;
2. Investing over $15 million over the first five years of the program in a down payment assistance program for residents to purchase a home in San Francisco with no-interest loans for first-time homebuyers;
3. Creating a Homeowner Stabilization Program to help distressed homeowners remain in their homes; and
4. Purchasing up to 20% of a development’s units to create permanent below market rate units available for moderate income renters and home buyers.
The fund would be funded by way of property tax revenues formerly earmarked for the now defunct redevelopment agency, a percent of existing hotel taxes, and a companion ballot initiative that would increase the real estate transfer tax for properties valued at $1 million or more by 0.2 percent.
Missing from the Mayor’s proposed amendment, press release and presentation, any mention of a condo-lottery bypass fee which many had hoped would be included as a source of funding and politically pave the way for the adoption of a lottery bypass.
∙ Mayor Lee Announces San Francisco Housing Trust Fund [sfmayor.org]
∙ TIC Conversion Lottery Bypass And Mayoral Take Two [SocketSite]
∙ JustQuotes: Additional Details (Like Dollars) On Keeping Hope SF Alive [SocketSite]
∙ Hugo Hotel Hangs On As Redevelopment Agency Is Dropped [SocketSite]