In 2012, the SFHAC supported and helped pass Prop C, the Affordable Housing Trust Fund. Following the demise of the SF Redevelopment Agency, it was imperative to find ways to capture the funding streams it provided to subsidize affordable housing. The SFHAC was part of the core group that established Prop C’s terms as well as supported the political campaign for its passage by the voters. When it reaches its projected funding levels, it will provide $50 million annually to support housing affordability, one of the best programs in any US city.
The impetus for passing of Prop C was that the City relied on the San Francisco Redevelopment Agency annually generated about $50 million, a significant part of its affordable housing funding. In 2011 Gov. Brown eliminated, and the California Supreme Court upheld, a law that abolished redevelopment agencies. With redevelopment expiring, San Francisco badly needed a way to capture the funding that it generated.
Prop C captures and dedicates this stream of income for future funding of affordable housing. It is a 30-year fund that grows over the years until it generates $50 million per year, at which point the yearly set-aside will be capped. Over its 30-year life, this would total $1.2 billion in funding for housing subsidies. This was a huge win for San Francisco and will help enormously to maintain a diverse housing stock.