Redevelopment: successor agency debt: City and County of San Francisco

The law broadens financing tools for Transbay-related infrastructure and up to 5,842 affordable homes while limiting which property-tax revenues may support the housing debt.

What the law does ​

• Allows the successor agency to arrange with the Transbay Joint Powers Authority and San Francisco to extend pledges of gross sales proceeds and net tax increment for Transbay infrastructure financing.
• Authorizes bonds, debt, and related contracts for up to 5,842 affordable homes, including development, repair, renovation, and reconstruction.
• Requires rental homes financed under this authority to remain affordable for at least 55 years and owner-occupied homes for at least 45 years.
• Limits affordable-housing debt repayment to specified property-tax revenues that otherwise would go to San Francisco, excluding revenues owed to other local agencies, schools, community colleges, and the Educational Revenue Augmentation Fund.
• Requires oversight-board approval, low-cost fixed-rate financing, and an independent financial advisor; challenges to bond or debt issuances must be filed within 30 days of oversight-board approval.

Who it affects ​

• The successor agency to the former Redevelopment Agency of the City and County of San Francisco.
• The City and County of San Francisco and the Transbay Joint Powers Authority.
• Low-, moderate-, very low-, and extremely low-income households eligible for the affordable housing.
• Taxing entities whose payments may be subordinated for certain infrastructure financing.

Context ​

The measure is a San Francisco-specific exception within the state framework that dissolved redevelopment agencies.