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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 roughly $22.4 million (excluding encumbered grants) and that the SoMa CAC unanimously voted to allocate $3,000,000 to the Small Sites Program to allow MOHCD to act rapidly when properties at risk of speculative purchase appear.
The budget and legislative analyst (Mr. Rose) recommended amending the proposed resolution to authorize $2,600,000 in expenditures now and require the department to return with budget details before authorizing the remaining ~$400,000, because roughly $399,997 of the requested sum was not yet tied to an identified project. MOHCD and program staff (Ruby Harris) responded that underwriting is a multistage, roughly 90‑day process, and that the CAC and MOHCD want flexibility to move quickly if an at-risk property emerges.
Public testimony came from partners and practitioners: Keith Cooley of the San Francisco Community Land Trust and Angelica Cabande of the South of Market Community Action Network urged approval of the full $3 million allocation so community groups can close on time-sensitive deals.
Supervisor Katie Tang moved to authorize the full $3,000,000 and forward the item to the full Board with a positive recommendation; the motion carried without objection. The budget analyst’s report and MOHCD materials remain part of the record and the Board will consider the resolution on Jan. 26.
Next steps: If the Board approves, MOHCD will administer a pool of funds under Small Sites underwriting guidelines with CAC oversight; per MOHCD testimony, projects will still undergo underwriting reviews and CAC notification.
