The City of San Francisco's original plan for the Treasure Island/Yerba Buena Island Redevelopment Plan included approximately 8000 new residential units, with up to 27% of these units being affordable to low and moderate-income households, as part of the transition from a former military base to a residential and commercial development.

The proposed ordinance seeks to amend the appropriation of funds from the issuance of the Treasure Island Infrastructure and Revitalization Financing District Series 2023B Tax Increment Revenue Bonds, reducing the amount from $1,540,000 to $1,350,239 for affordable housing in Fiscal Year 2023-2024.

The Treasure Island Development Authority will develop a 150-unit affordable housing project with the amended funds, enhancing the city's affordable housing stock. The bond proceeds will be repaid using incremental property tax revenue generated within the Infrastructure and Revitalization Financing District.

The rationale for the funding is to provide partial funding for a $4.5 million predevelopment loan to the John Stewart Company and Catholic Charities for the Treasure Island Parcel IC4.3 Project, which is a critical component of the broader redevelopment plan for affordable housing on Treasure Island.

According to the City Charter Section 9.105, amendments to the Annual Appropriations Ordinance after the Controller certifies the availability of funds require approval by the Board of Supervisors through an ordinance.

The Controller is authorized to record transfers between funds and adjust accounting treatments to adhere to Generally Accepted Accounting Principles and other laws, ensuring accountability and conformity with legal financial standards.