Commissioners approve $565M budget for affordable housing and infrastructure

The San Francisco City Commission has moved forward with a significant budget approval for the fiscal year 2021-2022, totaling $565.8 million. During a recent meeting, the interim director emphasized that there were no changes to the proposed budget since the detailed workshop held on April 6. The budget is primarily funded through property taxes, fund balances, and bonds, with a notable increase of 7.3% from the previous year, driven largely by new affordable housing loans.

Mina Yu from the finance team presented the budget details, highlighting that the funds will support critical areas such as affordable housing and infrastructure. The budget includes five new affordable housing loans and the issuance of $130.4 million in affordable housing bonds. This financial strategy aims to bolster the city’s ongoing efforts to address housing needs and improve infrastructure.

The commission is set to submit the approved budget to the mayor's office by May 1, with the expectation of final approval from the Board of Supervisors by June 1. This budget approval marks a crucial step in San Francisco's commitment to enhancing its housing landscape and infrastructure development, reflecting the city's proactive approach to urban challenges.