Authorities in San Francisco are making moves to bring a $600 million affordable housing bond to voters later this year. The bond, according a recent press release, would allow the city to "fund the creation, preservation, and rehabilitation of affordable housing in San Francisco."

City officials estimate that approximately 2,800 new affordable housing units could start construction over the next four years if the funding measure is approved. 

Of the proposed funding, $150 million would go toward repairing and rebuilding distressed public housing properties, $220 million would go toward the completion of existing low-income housing projects in the pipeline, and $150 million would be put toward the creation of new affordable housing units targeted specifically to senior citizens.

In addition, $30 million each would go to preserving existing affordable housing units and toward the creation of new middle-income housing complexes. The bond could also bring $20 million to projects slated for San Francisco Unified School District and City College of San Francisco employees, the press release states.

In the statement, San Francisco mayor London Breed said, “We are in a housing crisis that is pushing out our low- and middle-income residents and we desperately need more affordable housing,” adding, “This Bond will allow us to create more affordable homes for seniors, continue rebuilding our public housing throughout the City, begin construction on projects for low-income residents that are ready to be built today, and keep current tenants housed. Building more housing requires a wide range of solutions, and this Bond is a key part of that effort.”