Affordable Housing 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

In the past the City asked voters to support housing that is affordable through bonds. In response, voters approved bond referendums in 2000, 2005, and 2011.