News Courtesy of Mayor's Office of Communications~~~
FOR IMMEDIATE RELEASE:
Monday, February 25, 2019
Contact: Mayor’s Office of Communications, 415-554-6131
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MAYOR LONDON BREED MOVES FORWARD PLAN FOR AFFORDABLE HOUSING BOND FOR 2019 ELECTION
With today’s approval by Capital Planning Committee of the $300 million Affordable Housing Bond for November 2019, Mayor will convene a working group of housing stakeholders to help craft the bond
San Francisco, CA — Today the Capital Planning Committee (CPC) approved the proposed Capital Plan for Fiscal Years (FYs) 2020-2029, which includes a $300 million Affordable Housing Bond that was recently announced by Mayor London N. Breed. Under the proposed Capital Plan, the Bond is proposed for the November 2019 election. The Capital Plan now goes to the Board of Supervisors for approval.
Following the vote by the CPC, Mayor Breed announced that she is convening an Affordable Housing Bond Working Group, which will include elected officials, housing experts, affordable housing developers, tenant advocates, property owners, labor leaders, community leaders and others, to help craft the expenditure plan for the bond.
“For too many San Franciscans, it is simply too expensive to live here. This housing bond will allow us to continue expanding our affordable housing stock so that our low- and middle-income communities can remain in our City,” said Mayor Breed. “Over the coming months I will be bringing stakeholders to the table so that we can move forward together on this important measure. We need to continue to work to provide funding for affordable housing while also working to break down the barriers that block housing from being built.”
Published every other year, the 10-Year Capital Plan is a fiscally constrained expenditure plan that lays out infrastructure investments over the next decade. The City Administrator prepares the document with input from citywide stakeholders that have put forth their best ideas and most realistic estimates of San Francisco’s future needs.
In January, Mayor Breed announced the inclusion of the Affordable Housing Bond in the Capital Plan. The previous draft of the plan had the Affordable Housing Bond slated for the March 2020 election, with the Earthquake Safety and Emergency Response Bond slated for the November 2019 election. At the time of the announcement, Mayor Breed said conversations were still under way as to which Bond would be placed on the ballot for which election. The Capital Plan approved today places the Affordable Housing Bond for the November 2019 election and the ESER Bond for the March 2020 election.
The proposed Capital Plan will be submitted to the Board of Supervisors on March 5th by Mayor Breed. The Affordable Housing Bond will be introduced in the coming months.