2024 Affordable Housing General Obligation Bond

On March 5, 2024, over 70% of San Francisco voters approved Proposition A, a $300 million General Obligation Bond for affordable housing, to finance the construction, acquisition, improvement, rehabilitation, preservation and repair of affordable housing. The funding will allow the City to create new affordable housing that aligns with the goals of providing equitable opportunities, especially for those who are most vulnerable, access to high resource neighborhoods, and stabilization of communities. It will additionally preserve affordability in existing housing at risk of market-rate conversion or loss due to physical disrepair and protect San Franciscans living in apartments who are at risk of displacement, including those covered by rent-control.

Mayor's Office of Housing and Community Development

The 2024 Bond proposal allocates:

$240M for Low Income Housing
$30M for Affordable Housing Preservation
$30M for Victim and Survivor Transitional Housing

$300M TOTAL

First Issuance

On January 30, 2025, the City competitively sold approximately $147.2 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2024), Series 2025D (the "Bonds"). The Bonds constitute the first series of bonds issued from the aggregate authorized amount of $300 million.

The Bonds are rated AA+/Aa1/AAA by S&P, Moody’s and Fitch Ratings, respectively. The final bond maturity is June 15, 2040.

Proposed Uses:

$86,900,000 for Low Income Housing
$29,750,000 for Affordable Housing Preservation
$29,750,000 for Victims and Survivors Transitional Housing
$146,400,000 subtotal, project funds

$292,800 for CSA Audit Fee
$276,023 for Cost of Issuance
$147,230 for CGOBOC Fee
$113,947 for Underwriter's Discount

$147,230,000 TOTAL

Proposition A General Obligation Bond Documentation

General Obligation Bond Report
Legal Text of Proposition A
Legislative Digest
Controller's Statement on Proposition A