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Committee recommends $3 million SoMa Stabilization Fund allocation to Small Sites program
Summary
The Budget and Finance Committee recommended forwarding a $3 million transfer from the SoMa Community Stabilization Fund to the Mayor’s Office of Housing and Community Development for the Small Sites acquisition and rehabilitation loan program to stabilize at-risk affordable units.
The Budget and Finance Committee on Jan. 20 voted to forward a resolution authorizing the Mayor’s Office of Housing and Community Development to expend $3,000,000 from the South of Market (SoMa) Community Stabilization Fund for acquisition and rehabilitation loans under the Small Sites Program.
Claudine Del Rosario (MOHCD) said the SoMa Fund was created by an earlier ordinance tied to Rincon Hill rezoning and imposes an impact fee on residential development in the area; she said the fund’s cash balance is…
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