Austin voters will likely be asked to approve a new housing bond in November.
have already signed on to a November campaign, with others soon to follow. An upcoming press conference on Thursday, July 21, is likely to serve as the campaign kickoff, with more endorsements on tap. The event is being held at the, a Foundation Communities property funded in part by the 2013 and 2018 housing bonds.
Even a $500 million bond won't solve Austin's housing crisis, but housing providers can leverage the city's money to produce new below-market-rate housing and preserve existing affordable stock. HousingWorks Austin jointly conducts an ongoing study with the data analytics firm Civic Economics to discern"The Economic Impact of Austin's Affordable Housing Bonds."
The latest impact report, issued last month, concludes that $122 million in city bond funds spent on new affordable housing since 2013 garnered an additional $788 million in financing from other sources, which produced a total of 4,372 new units in 43 projects, 3,707 of which are below market rate; 833 of those are permanent supportive housing units.
Before advocates can get too excited about a new housing bond, they'll have to contend with the reality check expected to be delivered by Cronk when he presents his proposed fiscal year 2023 budget this Friday, July 15. The city budget office has warned for years of looming budget deficits in the wake of 2019 legislation that sharply limits how much tax revenue cities can raise without seeking voter approval.
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