History of the SoMa Fund
In August 2005 the Rincon Hill Area Plan was approved, effectively rezoning the area (generally bounded by Folsom Street to the north, the Embarcadero to the east, Bryant Street and the north side of the Bay Bridge to the south, and Essex Street to the west) for residential development. The San Francisco Board of Supervisors approved an amendment to the Planning Code(Ordinance 217-05), establishing the SOMA Community Stabilization Fund (the Fund). This legislation imposes a SOMA community stabilization impact fee of $14 per square foot on residential development in the Rincon Hill Area Plan to provide community stabilization benefits in SOMA including affordable housing, economic development and community cohesion. In addition, approximately $6 million of the Rincon Hill Community Improvements Fund ($11 per square foot), will be transferred to the Fund.
In concert with Ordinance 217-05, monies deposited in the Fund shall be used to address the impacts of destabilization on residents and businesses in SOMA including assistance for: affordable housing and community asset building, small business rental assistance, development of new affordable homes for rental units for low income households, rental subsidies for low income households, down payment assistance for home ownership for low income households, eviction prevention, employment development and capacity building for SOMA residents, job growth and job placement, small business assistance, leadership development, community cohesion, civic participation, and community based programs and economic development.