§ 43.3

The purpose of this Article III is to describe the affordable housing and home ownership bond program ("program") pursuant to which the City and County of San Francisco ("City") may loan or grant general obligation bond proceeds for the development of affordable housing for low-income households and for down payment assistance to low and moderate income first-time home buyers, each as further described in this Article III.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The City is authorized to issue $100,000,000 of general obligation bonds to finance (i) the development of housing affordable to low-income households in the City and County of San Francisco, and (ii) down payment assistance to low and moderate income first-time home buyers; together with all other costs necessary or convenient for the foregoing purposes.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Bond proceeds shall be deposited into a separate account to be established by the Controller. Repayments of loans made from this account shall be applied first to finance development of affordable rental housing and downpayment assistance for low and moderate income first-time homebuyers, in accordance with this Article III, and then may be used for any other lawful purpose under this program, subject to the budget and fiscal provisions of the City's Charter. Expenditures shall be subject to the budget and fiscal provisions of the City's Charter.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Following payment of costs of issuance, 85 percent of the bond proceeds will be used for the development of affordable rental housing through the development account described in the regulations, and 15 percent of the bond proceeds will be used for downpayment assistance for low and moderate income first-time homebuyers through the downpayment assistance loan account described in the program regulations; including all legally permissible administrative costs related to the program. The Mayor's Office of Housing and Community Development ("MOHCD") shall develop procedures and amend its regulations such that, for all projects funded by this affordable housing and home ownership bond program, including multifamily rental projects and down payment assistance to individual households, it requires the project sponsor or its successor in interest to give preference in occupying units or receiving assistance as provided for in Administrative Code Chapter 47.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000; amended by Ord. 232-08, File No. 080521, App. 10/30/2008; Ord. 277-13, File No. 130968, App. 12/18/2013, Eff. 1/17/2014; Ord. 204- 15, File No. 150622, App. 12/3/2015, Eff. 1/2/2016)

The Mayor's Office of Housing or its successor, or another agency or department as determined by the Mayor, will be responsible for the administration of the program, subject to any legislation and rules and regulations described in this Article III.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The Mayor's Office of Housing will prepare regulations for the program, which shall be subject to approval of the Board of Supervisors by resolution.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The Mayor's Office of Housing will provide an annual report to the Board of Supervisors on the status of the program.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)