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Supervisors urge state to fix CDLAC rules after San Francisco receives no new construction tax-credit awards
Summary
The board unanimously adopted a resolution urging California's Debt Limit Allocation Committee and the State Treasurer to amend allocation rules after San Francisco received no awards in the latest round, potentially stalling affordable housing projects.
The Board of Supervisors unanimously approved a resolution Sept. 7 urging Treasurer Fiona Ma and the California Debt Limit Allocation Committee (CDLAC) to amend rules the supervisors say created regional imbalances that left San Francisco without new construction tax-exempt bond and low-income housing tax credit awards in the most recent funding round.
President Walton and sponsors said the current CDLAC scoring and allocation approach disadvantages projects in some high-cost, high-need regions by emphasizing opportunity-area metrics that favor lower-cost jurisdictions. Walton said San Francisco's shovel-ready affordable housing projects are stalled because the city did not receive allocations this cycle.
Supervisor Ronan and others joined as co-sponsors. The board voted 11-0 to adopt the resolution.
Why it matters: Low-income housing tax credits and private-activity bond allocations are critical to financing affordable housing. A lack of awards to the city could delay or derail projects in the pipeline.
Next steps: The resolution asks the treasurer and CDLAC to amend adopted regulations to address regional inequities; supervisors said they will follow up with state officials.
