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Mayor’s office outlines SoMa Stabilization Fund plan and timing; commissioners press for resident safeguards
Summary
Fred Blackwell and the SoMa Stabilization Fund advisory committee presented fund priorities and revenue timing on April 12, detailing $14 and $11-per-square-foot fees, priorities for affordable-housing access and infrastructure, and projected RFP timing; commissioners sought guarantees that existing SoMa residents be prioritized for aid.
SAN FRANCISCO — The mayor’s office and the SoMa Stabilization Fund advisory committee updated the Planning Commission on April 12 about how new community-benefits fees will be structured and spent in South of Market.
Fred Blackwell, director of the Mayor’s Office of Community Development (MOCD), said the fund stems from fees tied to Rincon Hill rezonings: a $14-per-square-foot fee (stabilization and affordable-housing components) and an $11-per-square-foot fee (community improvements/infrastructure). Blackwell said the two-fee structure yields an estimated maximum of roughly $32 million through 2010 (about $26 million from…
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