2020 Affordable Housing Bond What is an Affordable Housing Bond?
2020 Affordable Housing Bond
City Council directed the housing staff to look at two affordable housing bond options for the November 2020 ballot. A 24-person Affordable Housing Bond Advisory Committee was formed to review the bond options, seek public input, and make a recommendation to City Council on a preferred bond package.
The bond referendum was included on the November 2020 ballot. With the highest approval in bond history, 72 percent of Raleigh residents voted in favor of the bond.
What is an Affordable Housing Bond?
An affordable housing bond is a tool used by municipalities to raise capital to create and preserve affordable housing opportunities.
- Proceeds generated from a bond can be loaned to nonprofit and for-profit real estate developers, who will use the money to create and preserve affordable housing opportunities for citizens with limited incomes and limited housing options.
- Affordable Housing bonds are managed at the local level but must be approved by voters as a ballot initiative.
- Affordable Housing bonds that are approved by voters may increase local real estate property taxes for residents