The San Francisco Housing Trust Fund was established under the 2012 voter-approved Proposition C, as a response to the 2012 dissolution of redevelopment agencies in the state. The fund receives an annual allocation from the city, which started at $20 million. The city’s contribution to the 30-year fund will continue to grow annually until it reaches a cap of $50 million in annual revenue. The set-aside amount will total $1.2 billion over the fund’s 30-year lifespan.

Allocations come directly from the city’s general fund, but will draw primarily on resources that were already devoted to affordable housing, including a portion of hotel tax revenue and new revenues from a 2012 business tax reform measure.

Funding will be used to support affordable housing development, private market incentives for affordable housing and down payment assistance. The trust fund revenue is projected to support nearly 9,000 units affordable to households earning 60 percent of median family income and will invest at least $15 million over the first five years in the city’s down payment assistance program.