SAN FRANCISCO AFFORDABLE HOUSING BONDS. To finance the
construction, development, acquisition, and preservation of housing affordable to low- and middle-income households through programs that will prioritize vulnerable populations such as San Francisco's working families, veterans, seniors, disabled persons; to assist in the acquisition, rehabilitation, and preservation of affordable rental apartment buildings to prevent the eviction of long-term residents; to repair and reconstruct dilapidated public housing; to fund a middle- income rental program; and to provide for homeownership down payment assistance opportunities for educators and middle-income households; shall the City and County of SanFrancisco issue $310 million in general obligation bonds, subject to independent citizen oversight and regular audits?
Proposition A is an ordinance that would allow the City to borrow up to $310 million by issuing general obligation bonds. The City would use
this money to build, buy, improve, and rehabilitate affordable housing in San Francisco.
The City could use the funds to:
- finance the development, construction, preservation
and rehabilitation of affordable rental housing near
established transit corridors or within priority development
areas;
- acquire, rehabilitate, and preserve existing rental
housing to prevent the loss of rental housing and
the displacement of long-time City residents;
- repair and reconstruct dilapidated public housing or
provide infrastructure improvements that allow for
the repair or improvement of public housing sites;
- fund middle-income rental housing units;
- assist middle-income City residents, including
teachers, in purchasing their first home in the City;
and
- acquire, rehabilitate, preserve, construct and/or
develop affordable housing in the Mission Area
Plan.
Proposition A would allow an increase in the property
tax to pay for the bonds, if needed. Landlords would
be permitted to pass through up to 50% of any resulting
property tax increase to tenants. However, it is City
policy to limit the amount of money it borrows.
Therefore, because of the retirement of existing debt
and the growth of the property tax base, the City does
not expect the property tax rate to increase.
Proposition A also would require the Citizens' General
Obligation Bond Oversight Committee to review the
spending of bond funds. One-tenth of one percent
(0.1%) of the bond funds would pay for the committee's
audit and oversight functions.
- A YES vote on this measure means:
- A "YES" Vote Means: If you vote "yes," you want the City to issue $310 million in general obligation bonds on projects designed to:
- acquire, build, or renovate affordable housing, including in the Mission Area Plan;
- rehabilitate or reconstruct public housing;
- fund middle-income rental housing; and
- assist middle-income City residents in purchasing their first home in the City.
- A NO vote on this measure means:
- A "NO" Vote Means: If you vote "no," you do not want
the City to issue these bonds.
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League of Women Voters of California Education Fund
Pass:
148,513 /
74.26% Yes votes ......
51,486 /
25.74% No votes