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Committee continues $50M proposal to finance renewables; supervisors press for seismic program safeguards and jobs guarantees
Summary
Supervisors debated a proposal to reallocate up to $50 million of unutilized seismic safety loan bond authority to create a low-interest loan pool for renewable energy and efficiency projects. The committee heard technical testimony from the assessor, mayor's office, industry representatives and advocates, raised questions about robbing seismic safety funds, workforce development, and repayment risk, and continued the item to the call of the chair for further ordinance detail.
The Budget & Finance Committee took up paired items proposing a loan program and related ballot measures to accelerate solar and energy-efficiency installations in San Francisco by using up to $50 million of unutilized general obligation authority from the seismic safety loan program.
Assessor Phil Ting and Nadia Sasse (Mayor's Office of Public Finance) explained the program is meant to complement a local incentive rebate and to create a low-interest loan pool for homeowners and businesses who otherwise cannot afford capital upfront. The proposed program would limit impacts to the general fund by structuring loans as repayable obligations with the borrower bearing repayment; the administration said the loans could be structured so they do not increase the city's tax rate burden.
Supervisors including Aaron Peskin and others pressed the administration for data on outstanding seismic safety needs and whether it is prudent to reallocate seismic program authority. Committee members insisted on fleshing out an ordinance and implementation plan that included safeguards for the seismic program, explicit workforce-development commitments (CityBuild/local hires), clearer repayment and lien mechanics, and transparency measures so the Board can approve a concrete implementation model before voters decide. Industry and workforce speakers from local solar firms and non-profits urged adoption to create local green jobs and build market certainty.
The committee agreed to continue the items to the call of the chair to allow staff and sponsors to prepare more detailed ordinance language, program parameters, and workforce guarantees to present at a future meeting.
