San Francisco Sun

San Francisco Mayor London N. Breed has announced the allocation of $60 million in federal tax credits by the United States Treasury to aid local non-profit organizations and businesses in underserved neighborhoods. This funding aims to bolster areas such as childcare, education, healthcare, and public spaces, while fostering economic activity and job creation.

The tax credits will be managed by the San Francisco Community Investment Fund (SFCIF), a non-profit organization focused on projects with sustainable community benefits in low-income neighborhoods. The SFCIF has previously supported initiatives like the Meals on Wheels food distribution center in Bayview and the renovation of Geneva Car Barn in Excelsior.

Mayor Breed expressed gratitude for the federal support, stating, "Our non-profits and small businesses are at the core of community and neighborhoods across San Francisco. 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."

Since its establishment in 2010, SFCIF has leveraged New Markets Tax Credits to make investments that generate jobs and enhance access to essential services like healthcare and education. Brian Strong, Chief Resilience Officer and President of SFCIF's Board of Directors, emphasized that this investment reflects confidence in their work supporting vulnerable communities.

Joaquín Torres, Vice President of SFCIF's Board of Directors, highlighted the program's role in providing spaces for essential institutions: “Using these tax credits, we will continue our work to help essential institutions across our neighborhoods secure spaces they can call home.”

The New Markets Tax Credit program allows local entities to utilize underused buildings for job creation and community service provision. Since 2010, SFCIF has backed 17 projects across eight neighborhoods resulting in over 1,000 construction jobs with $261.1 million deployed through this program.

Rudy Corpuz from United Playaz expressed appreciation for SFCIF’s support: “I am so grateful to SFCIF for investing in United Playaz’ future and enabling us to build a new home at 1044 Howard.”

Applications for funding are reviewed on a rolling basis. More information about the San Francisco Community Investment Fund can be found at sf.gov/departments/sfcif.