To finance the construction, development, acquisition, and preservation of housing affordable to extremely-low, low and middle-income households through programs that will prioritize vulnerable populations such as San Francisco’s working families, veterans, seniors, and persons with disabilities; to assist in the acquisition, rehabilitation, and preservation of existing affordable housing to prevent the displacement of residents; to repair and reconstruct distressed and dilapidated public housing developments and their underlying infrastructure; to assist the City’s middle-income residents or workers in obtaining affordable rental or home ownership opportunities including down payment assistance and support for new construction of affordable housing for San Francisco Unified School District and City College of San Francisco employees; and to pay related costs; shall the City and County of San Francisco issue $600,000,000 in general obligation bonds with a duration of up to 30 years from the time of issuance, an estimated average tax rate of $0.019/$100 of assessed property value, and projected average annual revenues of $50,000,000, subject to independent citizen oversight and regular audits?
1, San Francisco County • 2019 • M
Passed
Result: 71.2% yes, 28.8% no (201,029 votes cast)
AI-generated plain-language summary
This measure authorized San Francisco to issue $600 million in general obligation bonds to finance affordable housing construction, acquisition, and preservation for extremely-low to middle-income households, as well as repair public housing and provide homeownership assistance. The bonds have a 30-year duration and are funded through property taxes at an estimated rate of $0.019 per $100 of assessed value.