Mayor Lee Announces $500 Million to Accelerate Construction of Affordable Housing in Former Redevelopment Sites
May 19, 2015
San Francisco, CA – May 18, 2015 – (RealEstateRama) — Mayor Edwin M. Lee today announced $500 million in new bonding authority to accelerate funding and construction for approximately 3,000 affordable housing units in the City’s major redevelopment sites: Mission Bay, Hunters Point Shipyard/Candlestick Point, and Transbay. The plan – made possible through Governor Jerry Brown’s State budget proposal – permits the city’s former redevelopment agency to create an accelerated financing plan to develop affordable housing ahead of schedule for neighborhoods experiencing growth and development.
The Mayor’s plan – made possible by a provision in the Governor’s proposed budget – would authorize the San Francisco Office of Community Investment and Infrastructure to issue bonds to finance the construction of 1,800 units of affordable housing by 2020, with an additional 660 units by 2025, and the remaining 540 units by 2030 in Mission Bay, Transbay and Hunters Point Shipyard/Candlestick Point. In addition to affordable housing development, the San Francisco Office of Community Investment and Infrastructure would issue bonds to finance Transbay parks, open space and other infrastructure needs.