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New SF Agency Tasked With Funding Affordable Housing

SAN FRANCISCO (KCBS) – On Thursday Mayor Ed Lee got down to the task of figuring out how to continue to fund affordable and workforce housing following the demise of the city's redevelopment agency, which closed its doors Wednesday.

Over the past four decades, most of San Francisco's affordable and workforce housing was created through the redevelopment agency, but the state government shut down all of such agencies effective Wednesday. Now it's up to the Housing Trust Fund Work Group to come up with new funding mechanisms.

"I do need a stream of about $50 million each year, and I need for this group to work concertedly for the next couple of months as we contemplate the possibility of putting something on the ballot that would be consensus building," said Lee.

KCBS' Barbara Taylor Reports:

Some of the ideas floating around are an increase in the property transfer tax, and tax incentives to developers who agree to build affordable housing.

"There's so much talent in that room. All they have to do, I think, is to just commit themselves to getting this goal done," said Lee.

The mayor is hoping to come up with enough good ideas from the group to generate 2,000 new housing units a year, and has set a two month deadline for this advisory group to complete its work.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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