Voters support reallocation of funds for affordable housing

San Francisco voters Tuesday appear to have supported the reallocation of millions of dollars left unspent from a 1992 earthquake safety bond to help purchase and preserve residential buildings in need of safety upgrades today.

Proposition C, which required more than two-thirds voter approval to pass, takes money left over from a $350 million earthquake safety bond initially approved to provide loans for the seismic strengthening of The City’s some 2,000 unreinforced brick buildings that were not designed to withstand a strong temblor.

Less than half of the money was issued for repairs to affordable and market-rate buildings, leaving more than $250 million unused funds. That money will now go toward the acquisition and preservation of
multi-unit buildings that now need various safety upgrades.

Specifically, the money will help to rehab “at-risk” buildings and help non-profit affordable housing developers to acquire and convert them into permanently affordable homes.

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