The San Francisco, California Board of Supervisors recently voted to include a measure (originally proposed by Mayor Ed Lee) on November 2012 election ballots which would create a Housing Trust Fund (HTF) at the city level. The HTF would produce a dedicated funding stream to be used to create, acquire, rehabilitate affordable housing and would also promote affordable homeownership programs. The proposal comes in response to California Governor Jerry Brown’s move earlier in the year that eliminated the state’s redevelopment agencies (RDAs), which had been a primary source of funding for many affordable housing projects from across the state. Lee proposes to pay for the measure by diverting 0.6 percent of the current tax levied on hotel stays, redirecting future property tax revenue which would have gone to the city’s RDA, and increased city revenue from business license fees that votes will also decide on in November. It is expected that the Housing Trust Fund would generate $20 million combined from the proposed tax sources in the first year, and grow to $50.8 million in year 12 of the 30-year deal. If approved by voters, the measure would authorize the development of up to 30,000 affordable rental units in San Francisco.
Click here to read the Declaration of Policy.
