418.6

SEC. 418.6. DIRECTOR OF PLANNING'S EVALUATION. Within 18 months following the effective date of Section 418.1 et seq., the Director of Planning and the Director of MOH shall report to the Planning Commission, the Board of Supervisors, and the Mayor on the status of compliance with Section 418.1 et seq., the efficacy of Section 418.1 et seq. in funding infrastructure and stabilization programs in the Rincon Hill Program Area and in SoMa, and the impact of the Program on property values in the vicinity of the Program Area. (Added by Ord. 108-10, File No. 091275, App. 5/25/2010; amended by Ord. 270-10, File No. 100917, App. 11/5/2010) SEC. 418.7. SOMA COMMUNITY STABILIZATION FUND. (a) Purpose. There is hereby established a separate fund set aside for a special purpose entitled the SOMA Community Stabilization Fund (“Fund”), and within the Fund an account related to the Community Facilities District defined in Section 434 called the SoMa Community Facilities District Account (“Community Facilities District Account”). The Fund and the Community Facilities District Account shall be held and maintained by the Controller. All monies collected by DBI pursuant to Section 418.3 shall be deposited in the Fund, to be maintained by the Controller. The Controller may direct certain proceeds of the Community Facilities District special tax, as defined in Section 434, collected pursuant to Section 434, to be deposited into the Community Facilities District Account. Proceeds of bonds issued for the Community Facilities District shall not be deposited into the Community Facilities District Account. The receipts in the Fund and the Community Facilities District Account are hereby appropriated in accordance with law to be used solely to address the effects of destabilization on residents and businesses in SOMA subject to the conditions of this Section 418.7. (b) Use of Funds. (1) All monies deposited in the Fund shall be used to address the impacts of destabilization on residents and businesses in SOMA including assistance for: affordable housing and community asset building, small business rental assistance, development of new affordable homes for rental units for low income households, rental subsidies for low income households, down payment assistance for home ownership for low income households, eviction prevention, employment development and capacity building for SOMA residents, job growth and job placement, small business assistance, leadership development, community cohesion, civic participation, cultural preservation, and community based programs and economic development. Monies in the Community Facilities District Account may be used for the purposes specified in this subsection (b) that are authorized uses of Community Facilities District revenues under the proceedings for the Community Facilities District and that are described in the Central SoMa Implementation Program Document. (2) Monies from the Fund may be appropriated by the Mayor’s Office of Housing and Community Development (“MOHCD”) without additional approval by the Board of Supervisors to the Planning Commission or other City department or office to commission economic analyses for the purpose of revising the fee, to complete a nexus study to demonstrate the relationship between residential development and the need for stabilization assistance if this is deemed necessary, provided these expenses do not exceed a total of $100,000. The receipts in