San Francisco, CA — Mayor London N. Breed today announced that the United States Treasury has awarded $60 million in tax credits to support local non-profit organizations and projects in historically underserved neighborhoods. This allocation will deliver critical investments in San Francisco while also creating new economic activity and jobs as San Francisco pushes forward its economic recovery.
The New Market Tax Credits are distributed from the United States Treasury to the San Francisco Community Investment Fund (SFCIF), a non-profit that is tasked with helping to fund projects with substantial and sustainable community benefits in low-income San Francisco neighborhoods.
Previous credits helped fund the construction of projects such as the Meals on Wheels San Francisco food distribution center in the Bayview, the Community Music Center and Hamilton Families buildings in the Mission, the community and childcare center in the Sunnydale HOPE SF neighborhood, the renovation of the Geneva Car Barn in the Excelsior district, and the 447 Minna cultural hub and the West Bay Pilipino Multi-Service Center in SOMA.
“Our non-profits and small businesses are at the core of community and neighborhoods across our City,” said Mayor London Breed. “This federal support comes at a time when so many of our businesses and community organizations are still recovering, but we know there is much more work ahead. I want to thank the U.S. Treasury for including San Francisco in this allocation and supporting our City’s recovery.”
San Francisco Community Investment Fund was established in 2010 to make qualified low-income community investments in the City using federal tax credits. This program targets construction and capital improvement projects in low-income neighborhoods that deliver strong community outcomes, including job creation for low-income people, commercial and community services, healthy foods, environmental sustainability, public gathering spaces and flexible lease rates.
“Over the last 13 years, we have leveraged $163.6 million in federal New Market Tax Credit dollars to reinvest in our local communities. This additional $60 million in allocation to San Francisco is a testament to the strong partnerships we’ve developed with community organizations and our ability to get dollars out the door where they matter most,” said City Administrator Carmen Chu, who serves on the SFCIF Board of Directors. “Through this program we have invested in youth development programs such as the Boys and Girls Club of San Francisco and tackled local food insecurity through programs like Meals on Wheels. Additionally, these tax credits have supported amazing arts programs such as American Conservatory Theater (ACT) and SF Jazz. I thank the wonderful staff on our team who made this allocation possible and who go above and beyond to support our local community.”
“As we build momentum in our economic recovery, this resource provides an innovative path to invest in the cultural and community serving organizations and local businesses that empower and uplift our residents,” said Assessor-Recorder and SFCIF Board Member Joaquín Torres. “Through this award, the SFCIF will continue to invest in these essential institutions so they may secure their spaces, focus on their growth and deepen their connections to the people that rely on them the most, all while creating new jobs and opportunities for San Franciscans that are essential for our city’s long term economic and cultural stability.”
The New Markets Tax Credit program creates a pathway for local businesses and non-profits to activate underutilized buildings in San Francisco’s high-need neighborhoods, create local jobs and investment, and provide lasting community services. Since 2010, the SFCIF has supported 15 projects across eight neighborhoods that created over 1,000 construction jobs, and deployed $216.5 million in New Markets Tax Credit allocations.
“Over the fifty-five years that West Bay has been serving the community, we have been in over ten locations and never been able to have permanent residency in the city. With SFCIF’s impactful investment and generous support, West Bay is now finally able to have a permanent home in the community,” said Carla Laurel, Executive Director at West Bay Pilipino Multi-Service Center. “Our new center, that opened last week, is now able to provide benefits to the community, including improving programing and capacity by quadrupling program space from 1,500 to 6,200 square feet, spurring economic development by maintaining a rental space for a long-standing AAPI community restaurant, and contributing to the permanence and identity of SoMa Pilipinas, San Francisco’s Filipino Cultural Heritage District. We are so appreciative and grateful to SCFIF and its board members and staff for this meaningful and historic investment for our organization.”