In a recent move by Mayor London N. Breed and the Mayor’s Office of Housing and Community Development (MOHCD), a federal funding source has been tapped to bring nearly 3,700 new affordable housing units to San Francisco. Today, "Faircloth to RAD" is announced as a program combining federal and local resources to accelerate the construction of these homes to meet the city's and state's affordable housing directives. The City and County of San Francisco report that this initiative will jumpstart by ensuring the completion of 700 units presently in development across various neighborhoods, including the Sunset, the Mission, and Potrero Hill.
This program is part of Mayor Breed's strategy to meet California's housing mandate, projecting a need for 82,000 new homes by 2031. It not only promises to deliver homes at a faster rate but also to preserve local funds for additional housing endeavors. No other Californian city has yet initiated a program under this new federal scheme. According to the City and County of San Francisco, the strategy is to work alongside other sources of affordable housing finance, including a recent $300 million affordable housing bond approved by voters and a potential $20 billion regional housing bond, which could funnel up to $2.4 billion to San Francisco if passed this November.
"This new program will allow us to help fund thousands of new affordable homes all across our City and deliver on our state housing goals", Mayor Breed explained in a recent conversation, acknowledging the Biden Administration's part in fostering innovative solutions for city housing crises. The Mayor's approach was heavily influenced by recommendations from the Affordable Housing Leadership Council, a group comprising diverse stakeholders who advocated taking full advantage of HUD’s Faircloth to RAD program, as per the City and County of San Francisco.
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