2019 Affordable Housing General Obligation Bond

921 Howard

Proposition A General Obligation Bond Documentation:
PDF icon General Obligation Bond Report
PDF icon Legal Text of Proposition A
PDF icon Legislative Digest and Controller’s Statement (from Voter Guide)



On November 5, 2019, over 71% of San Francisco voters approved Proposition A, a $600 million General Obligation Bond for affordable housing, to finance the construction, acquisition, improvement, rehabilitation, preservation and repair of affordable housing for extremely-low, low, and middle income households.

With this investment, the City will:

  • Create new affordable homes, especially for growing senior population
  • Accelerate the rebuilding of distressed public housing sites for some of the City's most vulnerable residents
  • Preserve affordability in existing housing at risk of market-rate conversion or loss due to physical disrepair
  • Protect San Franciscans living in apartments at risk of displacement, including those covered by rent control
  • Expand rental and homeownership opportunities for the City's middle-income residents and workforce, including educators, first responders, non-profit workers, and service industry employees
  • Set a goal for $200M of Bond's funds to serve extremely Low-Income households (30% AMI or less)


The 2019 Bond proposal allocates:

TOTAL: $600M
Public Housing
Low Income Housing
Preservation and Middle-Income Housing
Senior Housing
Educator Housing



First Issuance

On March 30, 2021, the City competitively sold $254.6 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2021A (the “Bonds”). The Bonds will constitute the first series of bonds to be issued from the aggregate authorized amount of $600 million.

The Bonds are rated AAA/Aaa/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 2.894%. The final bond maturity is June 15, 2046.

    Proposed Uses        

Public Housing
Low-Income Housing
Preservation and Middle-Income Housing
Senior Housing
subtotal, project funds
CSA Audit Fee
Cost of Issuance
Oversight Committee
Underwriter's Discount
Additional Proceeds


By September 2021, we will provide a report and updates for expenditures through June 30, 2021