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Committee backs ordinance to set aside ERAF surplus for affordable housing; amendments require MOHCD consultation
Summary
The Budget and Finance Committee voted May 22 to move an ordinance establishing an Affordable Housing Production and Preservation Fund to the full Board with a positive recommendation after adopting sponsor amendments to specify annual appropriations, geographic consultation by MOHCD, and a production–preservation allocation (up to 60% production/at least 40% preservation).
Chair Sandra Lee Feurer moved legislation May 22 to create an Affordable Housing Production and Preservation Fund that would receive excess ERAF revenue to finance land acquisition, production of 100% affordable housing, and preservation to keep housing permanently affordable. Feurer said San Francisco has produced nearly all required market-rate units but is falling short on very-low, low- and moderate-income housing, and proposed dedicating at least 50% of future ERAF surpluses to the fund.
The sponsor offered three amendments the committee accepted: clarify the board—s intent to appropriate at least 50% of excess ERAF revenue each fiscal year for one-time uses and to make those appropriations annually;…
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