SAN FRANCISCO --San Francisco Mayor Ed Lee announced Monday a new loan program designed to protect longtime low-income tenants in the city, according to the mayor's office.
The new Small Sites program funding will go toward the acquisition and rehabilitation of multi-family rental buildings of five to 25 units with existing tenants who have incomes that reach at least 80 percent of the average median for the area.
"This program is part of our comprehensive plan to protect and stabilize our housing stock," Lee said in a statement.
He said it "offers a way to create certainty for our longtime San Francisco families and rent-controlled households, ensuring they have a safe, affordable place to live well into the future."
Buildings at immediate risk for Ellis Act evictions or in the process of such evictions will be given priority, according to the mayor's office.
"We need to stabilize our neighborhoods that are vulnerable to gentrification and expand the safety net for San Franciscans at risk of eviction and displacement," Lee said.
The applicants eligible for the loans will be nonprofits or for-profit corporations that show the capacity to successfully acquire, rehabilitate, own and manage affordable housing, according to the mayor's office.
An initial $3 million is being made available for the program, with additional funding expected to be released during the program's first year, according to the mayor's office.
The Small Sites program is funded through a combination of Housing Trust Fund revenues and affordable housing fees paid by housing developers in San Francisco.