Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Supervisors advance plan to repurpose 1992 seismic bond for at‑risk housing preservation
Summary
The Budget & Finance Committee voted to adopt sponsor amendments and continue a proposal to expand uses of a 1992 $350 million seismic bond to allow acquisition and rehabilitation of at‑risk multiunit residential buildings by nonprofit developers, including safety upgrades; the committee will return with required follow‑up hearing and language.
The San Francisco Board of Supervisors’ Budget & Finance Committee on June 29 advanced sponsor amendments to repurpose part of a 1992 seismic bond so the remaining funds can be used to acquire and rehabilitate at‑risk multiunit residential buildings and convert them to permanent affordable housing.
Supervisor Peskin’s office outlined the proposal, noting the original 1992 UMB bond authorized $350,000,000 for seismic strengthening and that roughly $156,000,000 remains in the market‑rate tranche and about $105,000,000 remains in the affordable tranche. The sponsor’s amendments would expand eligible uses to include acquisition, seismic, fire, electrical and plumbing upgrades, and permit nonprofit affordable housing developers to convert buildings through the city’s small‑site acquisition and rehab program.
The Mayor’s Office of Housing and…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
