§ 10.100-324. SENIOR OPERATING SUBSIDIES (SOS) PROGRAM FUND.
Latest version.
(a) Establishment of Fund. The Senior Operating Subsidies (SOS) Program Fund (the “SOS Fund”) is established as a category four fund to receive any monies appropriated or donated for the purpose of providing project-based subsidies to new senior affordable housing developments funded by the City to maintain rents that are affordable to extremely low-income senior residents with incomes at or below 30% of area median income, as published by the Mayor’s Office of Housing and Community Development (“MOHCD”). It shall be the City’s intent to continue to fund the SOS Fund on an annual basis for the life of all senior affordable housing developments that remain restricted as affordable housing and receive funding from the SOS Fund.
(b) Use of Fund. The SOS Fund shall be used exclusively for the purpose of providing project-based subsidies to new senior affordable housing developments funded by the City so that the rent for designated units in such developments may be set and maintained at the maximum rent level that is affordable to senior households with an income of 15% or 25% of area median income, as published by MOHCD. The SOS Fund may also be used to establish funding for transition reserves to cover future years of project-based subsidies at a new senior affordable housing developments funded by the City. For purposes of this Section 10.100-324, “senior” means a person 62 years old or older, or as defined by the requirements of any funding for the affordable housing development. If initial funding of the SOS Fund is not encumbered within five years of the effective date of this ordinance in Board File No. 190684, the SOS Fund may be used for tenant-based subsidies for extremely low-income seniors in addition to project-based subsidies at new senior affordable housing developments funded by the City.
(c) Administration of Fund. The Department of Aging and Adult Services (“DAAS”) shall administer the SOS Fund, and in such capacity shall enter into grant agreements for terms of no less than 15 years with operators of new senior affordable housing developments to subsidize rents of designated units so that they may be set and maintained at the maximum rent level that is affordable to senior households with an income of 15% or 25% of area median income, as published by MOHCD. The SOS Fund shall be distributed in a way to benefit more than one senior affordable housing development funded by the City. DAAS shall submit a report annually to the Board of Supervisors and the Mayor on the use of the SOS Fund during the preceding fiscal year, which may include, but is not limited to, the amounts approved for disbursement and the number of units assisted by the SOS Fund.
(d) Eligible Affordable Housing Developments. DAAS shall establish minimum requirements for project eligibility, including but not limited to: (1) the affordable housing development must be subject to enforceable income and affordability restrictions through a recorded loan, grant, or ground lease from MOHCD or the Office of Community Investment and Infrastructure; (2) the affordable housing development must contain residential rental units restricted to low-income senior households; and (3) the affordable housing development must have secured financing to restrict a portion of the residential units at or below 60% of area median income, as published by MOHCD. In its administration of the SOS Fund, DAAS shall prioritize new affordable senior housing developments that are under construction or in predevelopment as of the effective date of the ordinance in Board File No. 190684 establishing this Section 10.100-324.
(e) Tenant Selection. Applications for units in senior housing developments that are subsidized by the SOS Fund shall be managed through the San Francisco Housing Portal (“DAHLIA”), a project of MOHCD.
(f) Fund Regulations. The DAAS Director may publish from time to time program regulations as appropriate to administer the SOS Fund.
