Mayor London N. Breed announced on September 7 that the United States Treasury has awarded $50 million in tax credits to support local non-profit organizations and projects in historically underserved neighborhoods.
This allocation will help move forward critical investments in San Francisco while also creating new economic activity and jobs as San Francisco continues its economic recovery from the pandemic.
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, SF Jazz and the Boys & Girls Club San Francisco in the Western Addition, and the ACT Strand Theatre on Central Market, the Manufacturing Foundry located at 150 Hooper Street sponsored by PlaceMade, and the renovation of the Geneva Car Barn located in the Excelsior district.
“The neighborhoods that were hit hardest by the pandemic were the same neighborhoods that had lacked access to resources and investment for generations—that is not a coincidence.
“That’s why it’s so important that our economic recovery focus on investing in these communities and creating new jobs in these communities, so we can create a more equitable city.
“The investments that these tax credits have helped advance in the past have had a meaningful impact on our city and I’m excited that this new allocation, the largest that San Francisco has ever received, will continue that progress,” Breed said.
In 2010, the City’s former Redevelopment Agency established the San Francisco Community Investment Fund to make qualified low-income community investments in the City. 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, environment sustainability, and flexible lease rates.
The New Markets Tax Credit program creates a pathway for local businesses and non-profits to activate underutilized buildings in San Francisco’s most high-need neighborhoods, create local jobs, and provide lasting community services.
Since 2010, the SFCIF has supported 12 projects across five neighborhoods that created over 1,000 construction jobs, and deployed $163.6 million in New Markets Tax Credit allocations.
“Investing in jobs and supporting opportunities for our underserved communities is critical, especially as we begin emerging from of this pandemic,” said City Administrator Carmen Chu, who serves on the SFCIF Board of Directors. “This allocation of New Market Tax Credits is significant because it means extra dollars in our hands to fully fund and bring so many worthy neighborhood projects to completion.”
“Meals on Wheels San Francisco opened a new $41 million state of the art kitchen in the Bayview neighborhood in November of 2020. Our project could not have moved forward on time and received full financing without the support of the San Francisco Community Investment Fund’s New Markets Tax Credit program,” said Ashley McCumber, CEO and executive director of Meals on Wheels San Francisco.
“Their lead investment attracted additional partners like Community Vision, Community Impact Partners, and Chase Bank to deliver a net of $8.1 million to our project. With this new facility, we have created more than 30 new jobs and expanded our production capabilities from 8,000 meals per day to as much as 30,000 meals per day when needed.”
Applications are received and reviewed on a rolling basis. For more information on the San Francisco Community Investment Fund, visit SFCIF.org.
This story comes from the San Francisco Mayor’s Office of Communication.