Budget and Finance Committee Chair Mark Farrell Announces Consensus Budget with Record $25 Million Investment in Affordable Housing

SAN FRANCISCO – Today, the Board of Supervisors Budget and Finance Committee, Chaired by Supervisor Mark Farrell, voted unanimously to support a City historic record of additional investments – totaling over $65 million dollars - to the City’s two-year budget. Of the approximately $65 million dollars, $25 million is specifically targeted for the further production of permanently affordable housing citywide.

Budget and Finance Committee Chair Mark Farrell Announces Consensus Budget with Record $25 Million Investment in Affordable Housing

SAN FRANCISCO – Today, the Board of Supervisors Budget and Finance Committee, Chaired by Supervisor Mark Farrell, voted unanimously to support a City historic record of additional investments – totaling over $65 million dollars - to the City’s two-year budget. Of the approximately $65 million dollars, $25 million is specifically targeted for the further production of permanently affordable housing citywide.

“As Chair of the Budget and Finance Committee for the third year, I am proud to have led another consensus budget, and in particular our historic $25 million investment in affordable housing,” said Supervisor Mark Farrell. “After tough negotiations, this budget reflects the values of all San Franciscans, and places top priority on affordability, public safety and reducing homelessness.”

Supervisor Farrell worked to broker the consensus package approved by the Budget and Finance Committee today for months through numerous meetings with the public, advocate organizations, City departments, and hearings at the Budget and Finance Committee. Overall, the Budget and Finance Committee identified approximately $40 million in savings with just over $25 million in fiscal years 2015-16, and just over $15 million in fiscal years 2016-17.

Supervisor Farrell identified an additional $25 million dollars by financing the 2016-2017 Affordable Housing Trust Fund increment to provide additional funding for the immediate production of affordable housing citywide.

“This was a record year. Not only did we fund an historic $25 million investment in affordable housing, but also place a record amount into our reserves given our strong local economy, and identified in total over $65 million in additional spending priorities,” said Supervisor Mark Farrell. 

With the additional budget savings, the Budget and Finance Committee was able to: 

  • Secure over $3 million for homeless housing and services for families, seniors, single adults, and transitional-aged youth.
  • Secure over $2 million for family and childcare services, as well as early-education support.
  • Secure over $1 million to address food security needs for families and seniors.
  • Secure over $2 million for workforce development programs to help train city residents for meaningful careers.
  • Secure funds to maintain public safety, including additional neighborhood prosecutors and support for the Fire Department’s arson unit.
  • Secure funds for the further implementation Vision Zero.
  • Secure funds for senior, LGBT, TAY, and at-risk youth specific services.
  • Secure funds for immigrants’ services and representation.
  • Secure funds for maintain and improving the City’s urban forest. 

The City Budget will now be voted on by the full Board of Supervisors at their July 21st and 28th meetings where it is expected to pass unanimously. The Board of Supervisors must pass a balanced budget by August 1, as mandated by the City’s Charter.

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