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S.F. committee backs ordinance to keep "cash-out" proceeds in affordable housing
Summary
The Land Use and Transportation Committee voted to adopt amendments and send to the full Board an ordinance requiring that cash-out proceeds from publicly supported affordable housing projects be used solely for affordable housing purposes; MOHCD staff said the change codifies existing practice.
The San Francisco Board of Supervisors Land Use and Transportation Committee on Monday voted to adopt amendments and forward to the full Board an ordinance that would require owners of affordable housing projects receiving public funds to use any "cash-out" proceeds only for the creation, development or preservation of affordable housing.
Supervisor Mark Farrell, who introduced the measure, said the ordinance responds to recent refinancing transactions in which an affordable housing developer "made millions off the transaction, and then spent it on dark money political campaigns…
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