The plan, known as The Dream Keeper Initiative, will use the funds over the next two years to invest in youth development, guaranteed income, business support, a city employment pipeline, training and homeownership, amongst other initiatives.
"We know that to actually see true lasting change we need to focus on helping entire families -- from early education for kids, to job training and workforce support for their parents, and serve communities that have been systematically harmed by past policies," Breed said in a statement Thursday.
"To make these decisions, we've listened to the African-American community about what's worked and what hasn't and we are committed to actually delivering on the promises that are made but all too often aren't kept," she added.
Breed first announced her plan to divert law enforcement funds in June 2020 as part of the nationwide push to re-examine law enforcement funding, following the death of George Floyd, a Black man killed by a police officer in Minneapolis.
The San Francisco Human Rights Commission then reviewed funding needs in the city's Black community by conducting surveys, community meeting and "listening sessions."
"It's not enough to say that Black Lives Matter. We must listen to Black voices, commit the resources, and create the programs that will actually right past wrongs and get people resources and services so they can build their futures here in San Francisco and know that their City has their back," Breed said.
San Francisco’s Black community makes up over five percent of the city’s population, but Fox News could not immediately reach the mayor’s office for comment on why other minority groups, like the Hispanic community -- which account for 15 percent of the city’s population – have been excluded.