2019 Affordable Housing General Obligation Bond

On November 5, 2019, over 71% of SF voters approved Proposition A, a $600 million General Obligation Bond for affordable housing, to finance the construction, acquisition, improvement, rehabilitation, preservation and repair of affordable housing for extremely-low, low, and middle income households.

What the Bond Does

With this investment, the City will:

  • Create new affordable homes, especially for growing senior population
  • Accelerate the rebuilding of distressed public housing sites for some of the City's most vulnerable residents
  • Preserve affordability in existing housing at risk of market-rate conversion or loss due to physical disrepair
  • Protect San Franciscans living in apartments at risk of displacement, including those covered by rent control
  • Expand rental and homeownership opportunities for the City's middle-income residents and workforce, including educators, first responders, non-profit workers, and service industry employees
  • Set a goal for $200M of Bond's funds to serve extremely Low-Income households (30% AMI or less)

The 2019 Bond proposal allocates:

$150M for Public Housing
$220M for Low Income Housing
$60M for Preservation and Middle-Income Housing
$150M for Senior Housing
$20M for Educator Housing

First Issuance

On March 30, 2021, the City competitively sold $254.6 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2021A (the “Bonds”). The Bonds will constitute the first series of bonds to be issued from the aggregate authorized amount of $600 million.

The Bonds are rated AAA/Aaa/AA+ by S&P, Moody’s and Fitch Ratings, respectively.  S&P, Moody’s and Fitch Ratings maintain a rating outlook of "Stable" on the City's long term debt obligations. 

Raymond James & Associates, Inc. was the successful bidder at a true interest cost (TIC) of 2.894%. The final bond maturity is June 15, 2046.

Proposed Uses:

$50,620,000 for Public Housing
$143,700,000 for Low-Income Housing
$37,100,000 for Preservation and Middle-Income Housing
$21,200,000 for Senior Housing
$252,620,000 subtotal, project funds
$505,240 for CSA Audit Fee
$751,338 for Cost of Issuance
$254,585 for Oversight Committee
$450,998 for Underwriter's Discount
$2,839 for Additional Proceeds
$254,585,000 TOTAL

Last updated February 22, 2024