(a) Establishment of Fund. The Forgivable Loan for First-Time Homebuyers Fund (the “Fund”) is established as a category 8 fund to receive any monies appropriated or donated for the purpose of providing financial assistance to eligible low-, moderate-, and middle-income first-time homebuyers in the purchase of owner-occupied homes in San Francisco.
(b) Use of Fund. The Fund shall be used exclusively for the purpose of funding the forgivable loan program established and described in Chapter 110 of the Administrative Code (the “Program”).
(c) Administration of Fund. The Human Rights Commission (“HRC”) shall administer the Fund.
(d) Annual Reporting Requirement. By July 31, 2024, and by July 1 every year thereafter, the HRC Director, in consultation with MOHCD, shall submit to the Board of Supervisors an annual written report providing details of program implementation, including, but not limited to, the current status of the Fund, the amounts approved for disbursement and loan forgiveness, the number of loans made and forgiven, and the demographics of Borrowers.
(Added by Ord. 56-24, File No. 230864, App. 3/22/2024, Eff. 4/22/2024, Oper. 5/22/2024)