Austin's $350 million housing bond proposition was approved Nov. 8.
Nearly 222,600 voters, just under 71% of the total, cast their ballots in favor of the measure to fund affordable housing projects in the city. A total of 91,479, or 29.13%, votes were cast against Austin's Proposition A.
“I think Austinites recognize that we have a housing crisis in our city, and I think they know that bonds work," LaRessa Quintana, campaign manager for the pro-bond Austin Housing for All group, told Community Impact. "Austinites know that bonds work, that we are doing important work here in the public and private partnership and that they’re really looking forward to the money and the change that this bond brings.”
The bond's landslide passage comes as most funds from the city's 2018 housing bond have now been used on affordable housing projects, home repairs and city land purchases. The 2022 bond funds will be spent on similar work.
Once all bonds are issued, the city expects Austin taxpayers will see a total tax rate increase of $0.0132 per $100 property valuation to support the debt. However, the city plans to issue the bonds over several years for a gradual tax hike over time.
"[A]ny related tax rate increase will correlate with the amount of debt that is issued in the respective fiscal year," Sarah Torchin, a spokesperson with the city financial services department, said in an October email.
Posted 7:41 p.m. Nov. 8
Austinites are leaning toward the approval of a record $350 million affordable housing bond, with early voting results showing more than 72% of voters in support.
The bond, which would eventually carry an expected tax rate increase of $0.0132 per $100 property valuation, would be the largest in Austin's history dedicated to affordable housing. The new bond program—if approved—would fund similar efforts as the 2018 proposition: support for the development of rental and ownership housing projects, city land purchases and home repairs.
Between Hay, Travis and Williamson counties, 164,219 early Austin voters voted in favor of the bond while 63,605 voted against.
City voters previously backed housing bonds of $55 million in 2006, $65 million in 2013 and $250 million in 2018, and rejected a $78.3 million proposition in 2012. Previous bonds were approved with between 60.39% and 72.8% support while the 2012 measure narrowly failed with just under 51.5% opposition.
According to the city, nearly all 2006 and 2013 housing bond funds have been used up while several million dollars from the 2018 bond remain. Data compiled earlier this year by the city and HousingWorks Austin, a nonprofit affordable housing advocacy group, showed that Austin's previous housing bond funds were used to construct dozens of affordable housing projects while generating an estimated $1 billion in the area economy and supporting more than 5,100 jobs.
The housing bond has been promoted by a range of local politicians and political candidates as well as housing developers and social service organizations while receiving little direct opposition. Proponents have said the bond is needed to help address Austin's affordability crisis, especially with past bond funds dwindling and the city's own affordable housing goals remaining out of reach. Some criticism has targeted the bond's scope and its potential effects on residents' tax bills.
According to the city, the estimated tax rate increase needed to pay for the bond will not take effect all at once. Instead, debt will be issued over several years and related tax hikes will follow. At the full $0.0132 tax rate increase projected by the city, the owner of a home valued at $400,000 could expect a $52.80 increase on their city taxes.
Austin voters could end up moving more than $3.5 billion worth of bonds forward this November. The city's Proposition A, the $350 million housing bond, appeared on the ballot alongside a three-part, $2.44 billion package from Austin ISD and a $770 million proposition from Austin Community College. The principal of all five bonds combined would represent nearly half the total amount approved by Travis County voters across local elections since 2000.
Election results are unofficial until canvassed. Visit communityimpact.com/voter-guide to see results from all local elections in your community.
