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Redevelopment agency seeks extension to finance low-income housing through tax-increment amendment
Summary
The Redevelopment Agency proposed amending the Rincon Point/South Beach plan to extend tax-increment receipts and suspend certain limits to issue tax allocation bonds for low- and moderate-income housing; the agency said the change helps replace housing demolished before 1976 and supports roughly 800 units in the pipeline.
Marcia Rosen of the San Francisco Redevelopment Agency presented an ordinance amending the Rincon Point/South Beach redevelopment plan to extend the time for tax-increment receipt and suspend limits on indebtedness so the agency can continue financing low- and moderate-income housing. Rosen said the amendment is the next step in a program begun in 2005 to make up for units lost in pre-1976 urban renewal; she said there are about 800 units in the pipeline that would be supported under this financing approach.
Supervisor Amiano and the controller’s office raised concerns about the long-term fiscal effect of diverting tax increment, noting the action effectively locks a stream of property-tax revenue for bond debt service and reduces revenue available for general-fund purposes and other set-asides. The Redevelopment Agency said each year the board would still authorize actual issuance and appropriation of funds and must certify projects and unit counts to the state.
Committee members voted to move the amendment forward with the understanding that additional questions about the long-range diversion of tax-increment revenue and its effect on other city funds will be part of the continuing budget review.
