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City moves New Markets Tax Credit program to community investment fund to continue redevelopment subsidies
Summary
The committee approved transferring administration of the New Markets Tax Credit program from the dissolved redevelopment agency to the city-run San Francisco Community Investment Fund, so previously committed projects (College Track, SF Jazz, etc.) can close and additional allocations be pursued.
The Budget and Finance Subcommittee approved a resolution to continue the New Markets Tax Credit program under the San Francisco Community Investment Fund (SIF) following dissolution of the redevelopment agency.
Brian Strong of the City Administrator's Office explained that the tax-credit allocations are federal New Markets Tax Credits administered through community development…
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