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Committee advances $39.14M seismic-retrofit geobond for soft‑story buildings to full board
Summary
The committee voted to send a measure to the full Board proposing a $39,140,000 general-obligation bond to fund deferred loan and grant support for seismic retrofits of soft‑story apartment buildings (about 156 buildings and 8,000+ units); a Budget Analyst amendment would cap loans by a building’s affordable-unit share.
The Budget & Finance Committee on July 1 advanced an ordinance that would send a $39,140,000 general-obligation bond to the Nov. 2, 2010 ballot to fund seismic retrofits for soft‑story buildings across San Francisco.
Jason Elliott of the mayor’s office described the measure as the companion ordinance to a Board resolution and said the proposed program would operate as a deferred loan and grant program for eligible structures — a set that the mayor’s office estimates includes 156 buildings…
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