A coalition of nonprofits and housing-oriented groups, including the Austin Justice Coalition, Foundation Communities and HousingWorks Austin, announced July 12 that they and other stakeholders will gather next week to formally push for a new affordable housing bond of $300 million or more. If a potential package gains support from City Council, officials could vote this summer to add the bond proposition to the November ballot.
Austin voters last approved an affordable housing bond as part of a $925 million slate of bond propositions in November 2018. That $250 million housing package passed with 72.8% support.
Other recent successful housing propositions include 2013's $65 million bond, approved with just over 60% support, and 2006's $55 million package, approved by 62% of voters.
The 2006, 2013 and 2018 measures have helped fund dozens of housing developments in recent years, mainly east of MoPac in South, Central and North Austin, according to an analysis by HousingWorks.
“Our previous bonds have delivered thousands of units of permanently affordable housing, with thousands more on the way,” HousingWorks Executive Director Nora Linares-Moeller said in a statement. “We know that the 2013 and 2018 bonds produced over 8,000 jobs and ultimately generated long-term savings for Austin’s households, all while adding over $1 billion to the Austin economy."
The concept of another housing bond was floated earlier this year by Mayor Steve Adler, who in January shared that he would like to see a package of between $300 million and $500 million to help address Austin's affordability crisis. And earlier this month, a new political action committee—Affordable Housing Bond PAC—named a treasurer in anticipation of a potential November election.
The push for a new round of city support for affordable housing comes as more than three-fourths of 2018 housing bond funds are already spent or dedicated to new projects. Earlier this year, city housing staff estimated that only about $14 million of the original $250 million package would be available to spend after fiscal year 2022-23. “The affordable housing bonds help seniors to stay in their homes and people with lower incomes live near good job opportunities and schools,” said Walter Moreau, executive director of the nonprofit affordable housing developer Foundation Communities, in a statement. “We cannot delay investing in affordable housing because the costs in Austin keep rising. We need to act now to help folks that are homeless, and to keep Austin affordable for more families.”
The groups calling for a new bond proposition this year plan to further detail that proposal and discuss other aspects of Austin's housing market during a July 21 event in the Mueller neighborhood.
