Among the various bond measures, pension changes, and other funding decisions that San Francisco voters will decide on this election cycle, Prop. This is a measure to create a funding source.
Proposition G would establish an “Affordable Housing Opportunity Fund for Seniors, Families, and Persons with Disabilities.” The fund would ensure that two grant programs, currently funded mostly by state and federal grants, are funded.
One subsidy program provides rental assistance to individuals and families with “extremely low incomes” compared to the area median income (AMI). In 2024, the AMI in San Francisco was $104,900 for an individual, $119,900 for a family of two, and $149,850 for a family of four.
Extremely low-income people, as defined by the U.S. Department of Housing and Urban Development standards, are those with incomes at or below 35% of the AMI, which is $36,700 for an individual, $41,950 for a family of two, and 4 For a family of two, it’s $52,450. In San Francisco.
Another grant program provides funding directly to landlords and affordable housing developers.
In addition to state and federal grants, the city makes its own allocations during the annual budget process. The Affordable Housing Fund would replace the temporary appropriation fund with a permanent special fund with minimum funding requirements.
So while there may be less money available in the general fund, there could be more reliable funding for affordable housing, according to City Administrator Greg Wagner’s analysis. It is said that there is.
The funding plan calls for $8.25 million from the general fund to supplement external funding sources in 2025. This amount would increase by 3% each year until fiscal year 2045-46, at which point the fund would have to be renewed by voters or expire. In the final year, the city will be obligated to appropriate $14 million into the housing fund, Wagner wrote.
The proposal was put to a vote by Mayor London Breed and the Board of Supervisors, who unanimously supported the measure.
“Proposition G is an important step toward achieving the City’s goal of expanding access to safe and affordable housing for households of all income levels,” said Board Chairman Aaron Peskin. stated in the ballot proponent’s argument.
“San Francisco is moving toward building new housing and upgrading existing units, but at the same time we need to ensure low-income seniors, families, and people with disabilities qualify for them and are not left behind.” “This is a need that existing federal and national programs are not adequately addressing,” Peskin wrote.
Larry Marso, a former executive with the San Francisco Republican County Central Committee, wrote a public opinion piece against the bill. He argued that diverting money from the general fund would hamper other city services and reduce funding discretion by elected officials.
“This action will drain critical resources from essential services such as public safety, infrastructure, and education,” Merson argued. “Devoting general funds to questionable subsidies will further destabilize city finances and automatically trigger cuts elsewhere.”
Proposition G requires majority approval to pass.
