Voters adopted the trust fund on the November ballot. It will provide San Francisco with a permanent source of revenue to pay for below-market-rate housing for low- and middle-income households over the next 30 years. It is estimated to generate $1.5 billion over the lifetime of the fund, with $20 million expected during the first year.
Mayor Ed Lee announced this morning (Friday, November 30) that the first allocation of money from the trust fund would be $6.1 million toward construction of 110 units of LGBT-friendly housing for low-income seniors at the 55 Laguna project.
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