2015 Affordable Housing General Obligation Bond



In November 2015, over 74% of San Francisco voters approved Proposition A, a $310 million General Obligation Bond for affordable housing, to finance the construction, acquisition, improvement, rehabilitation, preservation and repair of affordable housing for low and middle income households.

The bond will address pressing housing needs by:

  • Investing in neighborhoods;
  • Developing and acquiring housing for a broad population, from families to seniors; transitional-aged youth to single working adults; and veterans to disabled households; and,
  • Meeting housing needs through a range of activities, including new multi-family construction, acquisition of existing apartment buildings, SRO rehabilitations, down payment assistance for first-time homebuyers, and other efforts that will effectively increase the affordable housing supply.


The 2015 Bond proposal allocates:

TOTAL: $310M
Low Income Affordable Housing
Low Income Affordable Housing in Mission District
Public Housing (HOPE SF)
Middle Income programs, including Down Payment Assistance Loans (DALP)


First Issuance

On Wednesday, October 19, 2016, the City competitively sold $75.13 million in aggregate principal amount (plus net premium of $327,556) of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2015), Series 2016F (the “Bonds”). The Bonds will constitute the first series of bonds to be issued from the aggregate authorized amount of $310 million.

The Bonds are rated AA+/Aa1/AA+ by S&P, Moody’s and Fitch Ratings, respectively.  S&P, Moody’s and Fitch Ratings maintain a rating outlook of "Stable" on the City's long term debt obligations. 

Raymond James & Associates, Inc. was the successful bidder at a true interest cost (TIC) of 2.73%. The final bond maturity is June 15, 2036.

    Proposed Uses        

Public Housing
Low-Income Housing
Mission Neighborhood
Middle Income Housing-DALP and the Teacher Next Door Program
subtotal, project funds
CSA Audit Fee
Cost of Issuance
Underwriter's Discount
Bond Premium

Second issuance

On Tuesday, May 8, 2018, the City competitively sold $142.1 million of Series 2018D Taxable General Obligation Bonds (Affordable Housing, 2015).

The Bonds are rated Aaa/AA+/AA+ by Moody’s, S&P and Fitch Ratings, respectively.  Moody’s and Fitch maintain a rating outlook of "Stable" and S&P maintains a rating outlook of “Positive” on the City's long-term debt obligations. The Bonds are amortized over 20 years, with a final maturity of June 15, 2038. The City received 6 bids the Taxable Series 2018D Bonds. Wells Fargo Bank, National Association was the winning bidder at a TIC of 3.783%. Morgan Stanley & Co. LLC provided the cover bid at 3.817%.

The transaction closed on May 23, 2018. 

Public Housing
Low-Income Housing
Mission Neighborhood
Middle Income Housing-DALP and the Teacher Next Door Program
subtotal, project funds
CSA Audit Fee
Cost of Issuance
Oversight Committee
Underwriter's Discount
Capitalized Interest
Additional Proceeds (add into costs of issuance)

Progress to date

  • Public Housing
    • The Potrero team acquired a vacant parcel for construction of new relocation housing. Bond funds will pay for predevelopment and construction at approximately $48 million (all issuances).
    • Construction in Progress
    • Almost $18M disbursed
    • The Sunnydale team acquired a vacant parcel for construction of new relocation housing. Bond funds will pay for master planning, predevelopment, acquisition and construction at approximately $30 million (all issuances).
      • Construction in Progress
      • Over $15M disbursed
  • Low-income Housing
    • On September 15, 2016 MOHCD formally recommended predevelopment loans for funding for four new multifamily developments that will bring more than 500 new affordable units to the Excelsior, Forest Hill, Mission, and Tenderloin neighborhoods. Through these loans, we anticipate to build apartments for both families and seniors, and include at least 20% of units set aside for homeless and other special needs households. Amongst the four sites, there are proposals for various community serving/public spaces, as well as an ambitious arts space proposal, in addition to the up to 529 apartments affordable to households earning less than 60% of median income. The projects recommended for funding are as follows:
      • Bridge Housing, proposing 114 units at 4840 Mission St. in the Excelsior, will receive $3 million to redevelop the site of a funeral home
      • Christian Church Homes, looking to build 150 apartments at 250 Laguna Honda Blvd., will get just under $2 million to build on a lot next to the Forest Hills Christian Church
      • The Tenderloin Neighborhood Development Corp. will receive $3 million for 108 units at 500 Turk St., a former tire and auto repair shop
      • Mission Economic Development Agency and TNDC will receive $3 million for143 family housing units at 1990 Folsom St., a former baked goods manufacturing plan
    • Four addtional projects will be funded by the Housing Bond with the second issuance
      • MEDA and CCDC joint venture, proposing 94 affordable senior housing with 20% set aside for formerly homeless seniors at 1296 Shotwell
      • Bridge Housing and John Stewart Co joint venture, proposing 178 family housing and 21 units for middle income residents at 88 Broadway/ 735 Davis
      • Due to savings in 1990 Folsom (Mission) and 88 Broadway/ 735 Davis (Low-income & Middle-income) two additional projects are being funded by the Housing Bond - 681 Florida (Mission) & 482 Geneva (Low-income & Middle-income)
    • Project Updates
      • 4840 Mission - Predevelopment funds were disbursed to Borrower to provide a portion of the land purchase. Project received its SB 35 approval in July 2019. The anticipated construction start date is June 2022.  
      • 250 Laguna Honda - The project at 250 Laguna Honda is no longer moving forward due to cost considerations. No bond funds will be spent on this project.
      • 500 Turk - Site permit has been issued and pulled. Project will be submitting applications for tax credits and bond financing in August 2019, with an estimated construction start date of January 2020.
      • 1990 Folsom (Mission) -  Construction has started with completion anticipated in September 2020.
      • 1296 Shotwell - Construction began May 2018 with completion anticipated in December 2019. Seniors will start moving in at construction completion, with full lease up expected by April 2020.
      • 88 Broadway/ 735 Davis - Project was encumbered in May 2019 and construction is expected to be completed in March 2021.
      • 681 Florida (Mission) - Project expected to be encumbered by March 2020 and completed in March 2022.
      • 482 Geneva/ Upper Yard - Project expected to be encumbered in March 2021 and construction to complete in March 2023.
    • Small Sites Program
      • All but one project to be funded by first issuance has an executed loan agreement.
      • Sites renovations are currently underway.
  • Middle-income Housing
    • Additional funds for Downpayment Assistance Loans (DALP) and Teacher Next Door (TND) are included in the second issuance.
    • DALP is now fully subscribed for the first issuance of the bond.
    • TND forgivable loans available now. These loans may be used in addition to the above DALP loans
    • Middle Income Projects
      • 88 Broadway/ 735 Davis - 21 units are devoted to middle-income residents
      • 43rd and Irving - 82 units for middle income SFUSD teachers. MidPen Housing selected as developer. Construction completion expected by November 2022.