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Committee advances first $77 million tranche of San Francisco housing bonds for Board approval
Summary
Officials presented the first issuance of a voter‑authorized $310 million general obligation housing bond program: a $77 million tranche to fund new construction, public housing replacement and middle‑income initiatives including teacher housing and down‑payment assistance; the committee recommended the measures to the full Board.
The Budget and Finance Committee heard presentations on a voter‑authorized $310 million general obligation housing bond program and advanced the first tranche of up to $77 million to the full Board with a positive recommendation.
Kate Hartley (Mayor’s Office of Housing and Development) described planned uses: approximately $75 million for housing production including new construction, preservation and acquisitions; funds for the small sites program to buy and rehab rent‑controlled properties; accelerated work at public housing replacement sites Sunnydale and Potrero; and a middle‑income category to expand down‑payment assistance and the Teacher Next Door program. Hartley said the first round includes requests for proposals and that some projects will move forward quickly.
Vishal Trivedi (Comptroller’s Office of Public Finance) reviewed financing details for the first sale under the November 2015 authorization: an amount not to exceed $77 million, distribution of disclosure documents and projected market timing. He estimated average annual debt service for this series at about $5.5 million and calculated an approximate property‑tax impact of $2.66 per $100,000 of assessed value (about $15.76 for a $600,000 home) and confirmed the additional debt keeps the city well below the 3% general‑obligation debt limit.
The committee voted to forward the bond authorizations and appropriation ordinance to the full Board with a positive recommendation.
