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

Just Posted

Badly needed rain cooled off pedestrians on Market Street in The City on Wednesday. (Kevin N. Hume/The Examiner)
Storm door opens in San Francisco — what will the rains bring?

‘Come Monday, fire season in Northern California should be done’

Newly appointed City Attorney David Chiu will play a key role in an upcoming legal battle between gig economy companies and The City. (Sheila Fitzgerald/Shutterstock)
City Attorney David Chiu faces immediate test in major gig economy lawsuit

DoorDash and Grubhub are suing San Francisco over price controls

FILE — In-N-Out Burger, the popular California fast-food chain, is resisting San Francisco's public health rules that require indoor diners to show proof of vaccination. (J. Emilio Flores/The New York Times)
When it comes to San Francisco vaccine rules, In-N-Out should heed Biblical advice

Burger chain’s vaccine fight distracts from its tasty burgers and French fries controversy

The Walgreens at 4645 Mission St. in The City is among those slated to close. <ins>(Courtesy photo)</ins>
Walgreens says it’s closing five SF stores due to crime. Where’s the data?

Walgreens should be transparent, enlighten city leaders about crime’s effect on business

Lake Hennessey, a reservoir for Napa, looked dry in June. Gov. Gavin Newsom on Tuesday issued a proclamation extending the drought emergency statewide and asked residents to redouble water conservation efforts. <ins>(Mike Kai Chen/New York Times)</ins>
Newsom declares drought emergency across California

State closed out its second-driest water year on record

Most Read