Audit reveals San Francisco has $482M in unspent affordable housing funds

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Audit reveals San Francisco has $482M in unspent affordable housing funds
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A San Francisco supervisor is calling for a hearing to find solutions to problems within the city's affordable housing production team.

supervisor is calling for a hearing to find solutions to problems within the city's affordable housing production team.

The audit found that the department, which oversees the city's affordable housing projects, counted on informal records and internal discussions for its decision-making. The department has also had an average surplus of $482 million in unspent funds for the past five years. The audit found that the department did not comply with city reporting requirements, did not have a formalized record-keeping system on how financial decisions were made and could not provide clarity on where unused funds are going.

Preston, who called for the audit, alleged that the office itself is a "major barrier" to the city reaching its ambitious affordable housing goals - San Francisco is aiming to build 46,500 new units by 2031.San Francisco Mayor London Breed offered new details on her ambitious plan to create 82,000 news homes in the city.

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