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(a) The purpose of this Chapter 66 is to authorize and implement a Seismic Safety Retrofit and Affordable Housing Loan Program (“Program” as defined below) for the City and County of San Francisco (“City” as defined below).
(b) On November 3, 1992, the City’s voters approved Proposition A, a ballot measure authorizing the issuance of up to $350 million of general obligation bonds to establish a Seismic Safety Loan Program (“SSLP”) to provide loans for the seismic strengthening of unreinforced masonry buildings (“Proposition A”); as of 2016, less than $100 million of such issuance authority had been utilized. On November 8, 2016, voters approved Proposition C, a ballot measure expanding the permitted uses for which SSLP funds could be loaned (“Proposition C”). Among other changes, Proposition C authorized loans to “finance the costs to acquire, improve, and rehabilitate and to convert at-risk multi-unit residential buildings to permanent affordable housing.”
(c) Consequently, the purpose of this Chapter 66 is to authorize and implement the program created by Proposition A, as amended by Proposition C, by describing the conditions under which the City may lend general obligation bond proceeds to building owners to finance the seismic retrofit of unreinforced masonry buildings, or to finance the acquisition, improvement and/or rehabilitation of “at risk” multi-unit residential buildings, subject to the conditions and provisions herein. The City’s Board of Supervisors (the “Board”) intends that the Program be used to protect buildings that are at-risk due to their physical condition and need for seismic and other life safety improvements, or for which there is a risk of loss of affordability or a risk of loss of the opportunity to create permanent housing affordability, due to vacancy decontrol or market speculation. The Board further intends that Program funds, particularly those funds used to make Below Market Rate Loans (as defined below), be prioritized for use in supporting the conversion of residential buildings to permanent rent-restricted affordable housing.
(d) In addition to the requirements of this Chapter 66, the Program shall be subject to all federal, state and local laws applicable to the issuance of bonds related to the Program, the making of loans, specific seismic retrofit standards, fire, health and safety upgrades and any other applicable requirements.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
(Former Sec. 66.1 added by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated as Sec. 66.2 and amended by Ord. 270-18 , File No. 180890, App. 11/9/2018, Eff. 12/10/2018)