Current Bond Past Bonds
The City formed an Affordable Housing Bond Advisory Committee on January 21, 2020 to identify options and gather public input for a Fall 2020 bond referendum.
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.
The City has used past bond money to support homebuyer assistance, construction and preservation of affordable rental units, neighborhood revitalization and owner-occupied home rehabilitation.