The San Francisco Community Investment Fund (SFCIF) was awarded $45 million in New Market Tax Credits this week, to support the construction of business and nonprofits in low-income communities.
The funding will help private investors access funding to build businesses and nonprofits that focus on retail, healthcare, food security, and community outreach.
“We must ensure that the city’s emerging non-profits and businesses secure the financing they need to succeed to build and serve our communities,” said Mayor Lee. “These tax credits allow these businesses and nonprofits to start, stay, and grow in San Francisco and create local jobs and opportunities that help our city thrive.”
The hope is that this tax credit will create a catalyst for future projects and create permanent income for local residents.
“This New Markets Tax Credits award will create a pathway for new grocery stores, childcare facilities, non-profit offices, and community centers in the San Francisco’s most high-need neighborhoods,” said Brian Strong, President of the SFCIF Board of Directors. “This additional resource will allow local businesses and non-profits to activate underutilized buildings in historically blighted areas of the city, create local jobs, and sustain community services that will last for decades.”
Two of the biggest projects SFCIF has helped fund in the past include Bayview college prep program College Track, and the the San Francisco Wholesale Produce Market, which supplies businesses and residents with fresh produce. SF Jazz, the Boys and Girls Club, and the ACT Strand Theatre have also received funding from SFCIF.
Neighborhoods that may be on the receiving end of this funding include the Tenderloin, South of Market, the Mission District, Chinatown, Visitacion Valley, Bayview Hunters Point and Treasure Island.