The San Francisco Board of Supervisors has approved a $40 million appropriation from General Obligation (GO) Bond proceeds (Series 2025E) dedicated to the Mayor’s Office of Housing and Community Development (MOHCD). The funds will be used for the acquisition, rehabilitation, and conversion of at-risk multi-unit residential buildings into permanent affordable housing. The ordinance places these funds on Controller’s Reserve pending the sale of the General Obligation Bonds in Fiscal Year 2024-2025. This measure is part of the city's ongoing efforts to preserve affordable housing and mitigate displacement, ensuring long-term affordability for vulnerable residents. The approved funds fall under the Preservation and Seismic Safety Program, a voter-approved initiative aimed at strengthening the city's affordable housing stock.
This decision provides crucial funding to preserve and expand affordable housing options in San Francisco, protecting at-risk residents from displacement. It reflects the city's commitment to long-term housing security and stability through strategic rehabilitation and acquisition efforts.