San Francisco, CA — Mayor London N. Breed today announced that the United States Treasury 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 areas such as childcare and education, healthcare, and public open space in San Francisco while also creating new economic activity and good jobs.
The New Markets 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, as well as the 447 Minna cultural hub, the West Bay Pilipino Multi-Service Center and the new United Playaz headquarters in SoMa.
"Our non-profits and small businesses are at the core of community and neighborhoods across San Francisco,” said Mayor London Breed. “This federal investment will help us support those crucial organizations while increasing our ability to provide critical services to the San Franciscans who need them most. I want to thank the U.S. Treasury for including San Francisco in this allocation.”
The San Francisco Community Investment Fund was established in 2010 to create community benefits in low-income San Francisco neighborhoods through the use of federal New Markets Tax Credits. Using the tax credits, SFCIF makes catalytic investments to unlock capital improvement projects that will deliver significant positive impacts by generating good jobs, supporting the arts, advancing environmental sustainability, creating accessible community spaces, and increasing local access to key services such as healthcare, education, childcare, food security, shelter, and more.
"As San Francisco builds momentum in our economic recovery, this investment serves as a vote of confidence in SFCIF's ongoing work to uplift and empower the deeply rooted organizations that serve our vulnerable communities," said Brian Strong, Chief Resilience Officer, Director of Capital Planning and President of the SFCIF Board of Directors. "Through the New Markets Tax Credit program, SFCIF has been able to support nonprofits like Meals on Wheels, West Bay Pilipino Multi-Service Center, the Boys and Girls Club, A.C.T., Hamilton Families and more, all of which have advanced access to a broad range of services that meaningfully improve the lives of San Franciscans and make our City stronger."
“We are once again demonstrating the value of our track record – finding innovative ways to invest in small businesses, community serving organizations and cultural hubs that meet San Francisco residents’ most vital needs,” said Assessor-Recorder and SFCIF Board of Directors Vice President Joaquín Torres. “Using these tax credits, we will continue our work to help essential institutions across our neighborhoods secure spaces they can call home, serve those who rely on them the most, and create new jobs and opportunities for San Franciscans.”
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 17 projects across eight neighborhoods that have created over 1,000 construction jobs and has deployed $261.1 million in New Markets Tax Credit allocations.
“I am so grateful to SFCIF for investing in United Playaz’ future and enabling us to build a new home at 1044 Howard,” said Rudy Corpuz, Executive Director of United Playaz. “Our new space will allow us to expand our programs to advance literacy for our kids, provide resources for reentry populations coming home from the prison system, and help serve the most vulnerable populations in San Francisco. It takes the hood to save the hood!”
Applications are received and reviewed on a rolling basis. For more information on the San Francisco Community Investment Fund, visit sf.gov/departments/sfcif.
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