San Francisco To Vote On Affordable Housing Funding Proposal

Posted by Orb Staff on July 27, 2012 No Comments
Categories : Residential Mortgage

12074_san_francisco_housing San Francisco To Vote On Affordable Housing Funding Proposal San Francisco residents will have a chance this November to determine whether their taxes will be diverted to support a new funding stream for affordable housing development.

The San Francisco Chronicle reports that the upcoming ballot referendum is designed to directly fund 4,500 housing units while offering middle-income residents up to $100,000 with down-payment assistance. This proposal, which Mayor Ed Lee refers to as the ‘Housing Trust Fund,’ will be financed by diverting 0.6% of the city's hotel tax, channeling future property tax revenue that was aimed for an inactive municipal redevelopment agency, and harvesting business license fees that will be part of a proposed overhaul of the city's business tax operations.

The proposed affordable housing plan is designed to generate $20 million in its first year and grow to $50.8 million within 12 years. However, the referendum is predicated on a separate ballot measure requiring voter approval of the aforementioned business tax overhaul – the city will be allowed to indefinitely postpone the affordable housing measure if voters reject the business tax initiative.

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