San Francisco to receive hundreds of millions for new developments

Bay Area government officials on Tuesday announced they received $229 million from the state to build housing near transit hubs and other developments that increase housing density.

The money will go toward transit-oriented developments in San Francisco and Hayward and “infill housing” - new housing built where housing already exists - in San Jose, San Francisco, Oakland, Hayward, Fremont, Union City, El Cerrito, Pittsburg, Sunnyvale and Santa Rosa.

“This state action bolsters efforts in our region to focus our growth and leverage our transportation investments to help the Bay Area achieve goals for compact growth, preservation of agricultural lands and open space and to help protect the climate,” said Scott Haggerty, chairman of the Metropolitan Transportation Commission and a Alameda County supervisor in a statement.

The money comes from California Proposition 1C, which was approved by voters in 2006 to promote infrastructure development and housing.

SOURCE: BIZ JOURNALS