Next City: S.F. Housing Projects to Get $29 Million in Carbon Trading Windfall

Next City: S.F. Housing Projects to Get $29 Million in Carbon Trading Windfall
June 25, 2018 Pierce Monahan

Two affordable housing projects in San Francisco’s Mission District are getting a $29 million boost thanks to grants from California’s cap-and-trade program, a pollution credit marketplace, the San Francisco Chronicle reports. Staff at the city’s Strategic Growth Council have recommended that a 157-unit development receive $15 million and a 127-unit project get $14 million. The council must approve the grants, but “has historically gone along with staff recommendations,” the Chronicle says.  Building affordable housing is getting more expensive in an already historically expensive city. At the same time, financing models that affordable housing developers have traditionally relied on are shrinking. The Low-Income Housing Tax Credit, for example, has lost value after Congress’s tax reform bill, which has led to fewer companies competing for and thus driving up the price of the credits.

 

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