What is it?

Prop C will increase the City's investment in its Housing Trust Fund, which funds below-market-rate home construction, preservation, and acquisition as well as infrastructure and some downpayment assistance. Voters first created the fund in 2012.

Today, the City puts $50.8M into the Housing Trust Fund every year. This measure would increase that yearly contribution starting in Fiscal Year 2028-29 until it hits $125M per year, in line with either the growth of general fund revenues or property values, whichever rises faster. When the yearly appropriation hits $125M, the contribution growth is capped at 3% per year.

The Board of Supervisors may freeze contributions when the City projects a deficit over $250M, and cut contributions by up to 10% in a year the City taps its Rainy Day Reserve.

The measure also raises the income cap for downpayment assistance loans from 120% to 200% of the Area Median Income and removes the current spending cap on housing-related infrastructure.

Read the full annotated legal text →