SF Examiner: Two low-income housing projects net 2015 bond funding

SF Examiner: Two low-income housing projects net 2015 bond funding
April 12, 2018 Joanna Rivas

San Francisco is shifting voter- approved housing bond money away from both an affordable housing project in the Excelsior due to delays and a senior housing project in Forest Hill following pushback from neighbors. Instead, the planned funding for those two projects will go toward a new effort at 88 Broadway on the northeast waterfront for 104 units for low- and middle-income families and a 96-unit project at 1296 Shotwell St. in the Mission District for low- income seniors. Both projects are expected to be completed by 2020. The details were announced in a mandated report released in March on the $310 million 2015 Affordable Housing General Obligation Bond, which was estimated to cost property owners about $7.21 per $600,000 of net assessed value in property taxes. The report comes as the Board of Supervisors Budget and Finance Committee is being asked to allow the Mayor’s Office of Housing and Community Development to allocate an additional $141 million of the bond, which is expected to be spent by September 2020. As of December, The City had issued $75 million of the $310 million bond, and spent $39 million while another $20 million is encumbered. The bond money pays for public, low-income and middle-income housing. Low-income housing is for those earning up to 80 percent of the area median income, and middle-income housing is for those earning between 121 percent and 175 percent of area median income. There is also funding specifically earmarked for the Mission neighborhood.

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