SAN FRANCISCO—The San Francisco Community Investment Fund was awarded $45 million in New Market Tax Credit to support various non-profit business in low-income communities to help create jobs.
“We must ensure that the city’s emerging non-profits and businesses secure the financing they need to succeed to build and serve our communities,” said SF Mayor Edwin Lee in a statement.
Over the next year, the money will be distributed to projects and businesses in qualifying neighborhoods throughout the city.
The money from the New Market Tax Credit will focus on neighborhoods like the Tenderloin, South of Market, Mission, Chinatown, Visitacion Valley, Bayview Hunters Point, and Treasure Island.
The $45 million will provide support in areas related to manufacturing, retail, healthcare, food security, and affordable community and non-profit spaces.
“This additional resource will allow local businesses and non-profits to activate underutilized buildings in historically blighted areas of the city, create local jobs, and sustain community services that will last for decades,” said the President of the SFCIF Board of Directors, Brian Strong, in a statement.
SFCIF will use the New Market Tax Credit to benefit current projects and priorities. By supporting and restoring San Francisco’s low-income neighborhoods, SFCIF anticipates others will be encouraged to invest in low-income communities.
“These tax credits allow these businesses and nonprofits to start, stay, and grow in San Francisco and create local jobs and opportunities that help our city thrive,” Mayor Lee added.
The SFCIF previously allocated $80 million in tax credit to San Francisco businesses and non-profit like College Track and Wholesale Produce Market.
In the last five years, SFCIF provided funding for the SF Jazz, The Boys & Girls Club Francisco in Western Addition, and the ACT Strand Theatre on Central Market.