Supes OK financing ‘green’ upgrades

The Board of Supervisors unanimously approved Tuesday a “green loan” program to help property owners pay for green upgrades of their buildings, which will help San Francisco reduce its carbon emissions. 

Supervisor Eric Mar, working in collaboration with the mayor’s office, introduced the legislation to create the program. Financing tools will help property owners afford to pay for such things as window replacements, efficient lighting installation, solar installations and rainwater capture.

“This program would help us reduce significantly our city’s green house gas emissions much of it which comes from local buildings and at the same time also reduce our excessive water use in buildings,” Mar said.

“The program is intended to assist property owners in the City with financing and refinancing the acquisition, installation and improvement of energy efficiency, renewable energy and water conservation projects attached to their buildings,” according to a memo from Nadia Sesay, director of public finance. “Individual property owners will contract directly with qualified installers and contractors for energy efficiency, renewable energy and water conservation projects on their buildings.”

Property owners not participating in the program will not be impacted. Nor will The City’s operating budget.

“The City will facilitate the financing for the projects. Projects will be funded from proceeds derived from the issuance and sale of special tax bonds that are repaid solely from and secured solely by special taxes assessed on participating property owners’ property tax bills over approximately 20 years,” the memo said.

In August 2008, The City adopted a special tax financing code that allows the formation of a special tax district. The code allows The City to create an “opt in” special tax financing district to fund energy improvements to local buildings

Such districts are allowable under the Mello-Roos Community Facilities Act of 1982, which allows local governments in California to finance community facilities and services through the levy of special taxes.

 

Bay Area NewsGovernment & PoliticsPoliticsUnder the Dome

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

The City requires the recycling or reuse of debris material removed from a construction project site. <ins>(Emma Chiang/Special to S.F. Examiner)</ins>
<ins></ins>
Permits proposed for haulers of construction debris to achieve zero-waste

San Francisco plans to tighten regulations on the disposal of construction and… Continue reading

(Justin Sullivan/Getty Images/TNS)
Newsom says California will review FDA-approved COVID-19 vaccines before releasing to public

By Taryn Luna Los Angeles Times California will review the safety of… Continue reading

Rachael Tanner, left, testifies virtually before the Board of Supervisors Rules Committee Monday, October 19, 2020. (SFGOV courtesy art)
Rachael Tanner set to become SF’s next Planning Commissioner

Rachael Tanner is expected to serve as the newest member of the… Continue reading

People exercise along the closed Great Highway on Friday, Oct. 2, 2020. (Kevin N. Hume/S.F. Examiner)
Could the Great Highway become a great city park?

Permanent closure would require extensive public outreach, safety and traffic management plans

Flames and smoke overtake a tree as the LNU Lightning Complex fire spreads in Fairfield, California on August 19, 2020. (JOSH EDELSON/AFP via Getty Images/TNS)
Many wildfires near full containment, but officials fear continuing hot weather

By Molly Burke The Sacramento Bee Thousands of firefighters continue to battle… Continue reading

Most Read