ESIP Task A.5.a
Public Financing Option
The City is offering a public financing option for property owners wishing to finance both mandatory and voluntary seismic retrofits.
The Lenders Section of the Earthquake Retrofit Fair
This program is a publicly administered alternative to traditional financing operated through the San Francisco Department of the Environment.
This program is an expanded part of GreenFinanceSF, which is San Francisco’s Property Assessed Clean Energy (PACE) program and has been specifically designed for earthquake retrofits. This is a 100% voluntary program.
Under this program, the City issues bonds or incurs other debt to provide financing to participating properties. The rate of interest will be set at the time of the financing.
Each participating property owner agrees to pay special taxes in an amount sufficient to pay debt service on the City's bonds or other debt. The special tax payment obligation is an obligation that is tied to ownership of the property. It is billed on the property tax bill and remains with the property when the property is transferred by one property owner to another.
Currently all City-Mandated Soft Story Retrofits, AB-094 Voluntary Soft Story Retrofits, and Private Schools seeking to retrofit their buidlings may use this program, which will compensate the owner for construction expenses incurred during the project in the form of a loan paid back to the City through the owner's property tax bill.
The deadline for applying for this program is April 18, 2014. This application is subject to an underwriting and approval process, which we expect to be done by late Summer 2014.
If you would like to be considered for financing through the City please complete this application and follow the instructions for submittal by April 18, 2014. This program allows your loan payments to be paid in conjunction with your property tax bill twice a year. Loan terms and interest rates will be determined once the initial applications have been received and processed. From there you will receive notification if your application is accepted and qualifies for this program.
San Francisco City Hall, Room 362
1 Dr. Carlton B. Goodlett Place
San Francisco, CA 94102
Soft Story Financing
More than a dozen financial institutions, including private banks, credit unions and non-profit lenders, answered the Mayor and Board's call for a comprehensive financing package. A menu of financing options has been complied to allow building owners to have many options to finance these retrofits.
Mayor Lee and Director Otellini meets with local and national banks
to discuss financing upgrades.
More than a dozen lenders were on hand to answer questions one-on-one
for the thousand or so gathered property owners at the Soft Story Finance Workshop.
2013 SOFT STORY FINANCE WORKSHOP: The Earthquake Safety Implementation Program (ESIP) and the San Francisco Apartment Association (SFAA) co-hosted a finance workshop for property owners with questions about financing their soft story upgrades. A dozen lenders, representing a diverse cross section of lending institutions, were on hand to answer questions for the thousand or so property owners in attendance.
Owners needing to secure financing for their retrofits can either contact one of the private lenders offering assistance or apply through the City’s public financing option.
Click here to download a list of possible lenders
Please note: This list represents only lenders who participated in the 2013 Soft Story Finance Workshop co-hosted by ESIP and SFAA, and is not an endorsement.