Raleigh Affordable Housing Bond Referendum (2020): Difference between revisions
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The presentation described proposed funding categories, including land acquisition, gap financing for Low-Income Housing Tax Credit developments, rehabilitation of existing housing stock, and down-payment assistance. Council discussion focused on implementation details, including whether bond funds could be used to purchase and rehabilitate older apartment complexes, the anticipated five-year timeline for deploying bond proceeds, and the role of the Qualified Allocation Plan (QAP) in allocating housing resources. | The presentation described proposed funding categories, including land acquisition, gap financing for Low-Income Housing Tax Credit developments, rehabilitation of existing housing stock, and down-payment assistance. Council discussion focused on implementation details, including whether bond funds could be used to purchase and rehabilitate older apartment complexes, the anticipated five-year timeline for deploying bond proceeds, and the role of the Qualified Allocation Plan (QAP) in allocating housing resources. | ||
At the May 7, 2019 meeting, City staff presented three illustrative affordable housing bond scenarios tied to different property tax rate increases. According to the slides shown to Council, the scenarios included total bond amounts of approximately '''$37,700,000''', '''$56,700,000''', and '''$75,700,000''' with corresponding projected costs to the City of '''$38,200,000''', '''$57,300,000''', and '''$76,400,000''', respectively. These totals were linked to property tax rate increases of roughly '''0.50¢''', '''0.75¢''', and '''1.00¢''' per $100 of assessed value. Council members discussed how larger bond amounts could expand funding for land acquisition, gap financing for Low-Income Housing Tax Credit projects, public-private partnerships, homeowner rehabilitation, and down-payment assistance, while also weighing the potential impact on property taxpayers. The presentation underscored that these scenarios were illustrative and that final decisions on bond size and tax implications would be made by Council in conjunction with subsequent analysis and public engagement.<ref>{{Cite govdoc | |||
|title=Affordable Housing Bond Referendum Presentation | |||
|agency=City of Raleigh | |||
|department=, Housing and Neighborhoods Department | |||
|doc_type=(Presentation) | |||
|date=(May 7, 2019) | |||
|url=https://go.boarddocs.com/nc/raleigh/Board.nsf/files/BBXKWZ53EC25/$file/20190507HNAffordableHousingBondPresentation.pdf | |||
|access-date=January 27, 2026 | |||
}}</ref> | |||
Council members also discussed income targeting thresholds, particularly the tradeoffs between serving households at 60 percent versus 70 percent of Area Median Income. Staff noted that Raleigh’s prior affordable housing bond had been approved by voters with a 62 percent majority, prompting discussion about public support for a new referendum. | Council members also discussed income targeting thresholds, particularly the tradeoffs between serving households at 60 percent versus 70 percent of Area Median Income. Staff noted that Raleigh’s prior affordable housing bond had been approved by voters with a 62 percent majority, prompting discussion about public support for a new referendum. | ||