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Rules Committee recommends $5 million senior operating subsidy pilot to make new senior units affordable
Summary
The committee unanimously recommended an ordinance to create a Senior Operating Subsidy (SOS) fund—$5 million over five years—to subsidize operating costs at new senior affordable housing projects so extremely low-income seniors can qualify; supervisors added amendments on funding continuity, transition reserves, and reporting.
The Rules Committee on July 8 forwarded an ordinance to create a Senior Operating Subsidy (SOS) fund to the full Board with a positive recommendation as amended. The package, introduced by Board President Norman Yee, is a pilot program to lower rents at city-funded senior developments so seniors on fixed incomes can qualify for units that otherwise would be priced at 50% AMI.
Yee described the action as an urgent, targeted fix to a gap in senior affordable housing financing: federal operating subsidies (HUD Section 202) ended in 2011, leaving new senior housing…
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