The Austin Board of Realtors (ABoR) has announced its support of affordable housing initiatives by partnering with Keep Austin Affordable, according to RealEstateRama.
The initiative is a coalition of business and community leaders that support the $65 million bond package on the November 13th ballot.
If the bonds are approved, it would create much needed affordable housing for low-income households and help protect Austin’s economy.
President of ABoR, Paul Hilgers, said that because Austin’s housing market is rapidly growing, some families are having to move outside of the city to be able to afford a home.
“Our economy is strongest when there are housing options for everyone in our community,” said Hilgers. “Austin’s business leaders must step up to ensure our city’s housing needs are met, or we will jeopardize our future growth.”
The resolution passed by Austin City Council in June states that Austin has “immediate need for a broad range of affordable housing that serves a wide variety of needs.”
A recent study conducted by the City of Austin Comprehensive Housing Market found that over 38,000 low-income families can’t find affordable housing.
Renovation and development of new homes for low income families is impossible without affordable housing bonds, and the new bonds would ensure the programs and new affordable developments would be funded for another five to six years.
The first set of affordable housing bonds were originally passed in 2006. They contributed to the $55 million spent on building and repairing over 3,400 homes in Austin.
Because all of the first housing bond funds have been spent, the City of Austin voted to allocate $10 million of budget surplus earlier in the year as a short-term solution for the lack of affordable housing funding.
Another group of housing bonds must be approved for affordable housing programs to continue in the future.