Council Member Greg Casar introduced an initiative with Council Member Pio Renteria to increase affordable housing in Austin.[/caption]
At its June 16 regular meeting, Austin City Council is scheduled to vote on 10 policy directives known as "Austin's Fair Housing Initiative" that seeks to improve affordable housing options in the city and help combat community displacement and economic segregation.
The proposal, brought forward by District 3 Council Member Sabino "Pio" Renteria and District 4 Council Member Gregorio "Greg" Casar, includes recommendations to strengthen affordable housing requirements in homestead preservation districts, provide tools for low-income homeowners faced with high property taxes and explore ways to commit more funding to affordable housing initiatives.
Qualifying as a special district under state law, a
homestead preservation district establishes residential boundaries for the reinvestment of property taxes—the intent of which is to make homes more affordable.
According to a city of Austin Neighborhood Housing and Community Development report, about 25 percent of Austin households earn less than 60 percent of the median family income—about $36,850 for a family of two—and only 15 percent of the city's housing stock is affordable to those households.
“Council Member Renteria has invested more than a decade of his career to ensuring the establishment of homestead preservation districts in East Austin to reinvest in the area’s housing affordability,” Casar said in a statement. “Thanks to his leadership, we’re further exploring how to utilize this tool along with other policies to expand housing options to combat displacement.”
Kelli Weldon contributed to this report.
Council Member Greg Casar introduced an initiative with Council Member Pio Renteria to increase affordable housing in Austin.[/caption]
At its June 16 regular meeting, Austin City Council is scheduled to vote on 10 policy directives known as "Austin's Fair Housing Initiative" that seeks to improve affordable housing options in the city and help combat community displacement and economic segregation.
The proposal, brought forward by District 3 Council Member Sabino "Pio" Renteria and District 4 Council Member Gregorio "Greg" Casar, includes recommendations to strengthen affordable housing requirements in homestead preservation districts, provide tools for low-income homeowners faced with high property taxes and explore ways to commit more funding to affordable housing initiatives.
Qualifying as a special district under state law, a homestead preservation district establishes residential boundaries for the reinvestment of property taxes—the intent of which is to make homes more affordable.
According to a city of Austin Neighborhood Housing and Community Development report, about 25 percent of Austin households earn less than 60 percent of the median family income—about $36,850 for a family of two—and only 15 percent of the city's housing stock is affordable to those households.
“Council Member Renteria has invested more than a decade of his career to ensuring the establishment of homestead preservation districts in East Austin to reinvest in the area’s housing affordability,” Casar said in a statement. “Thanks to his leadership, we’re further exploring how to utilize this tool along with other policies to expand housing options to combat displacement.”
Kelli Weldon contributed to this report.
