Affordable housing bond back on Austin ballot

Affordable housing is defined by the federal government as costing less than 30 percent of a household's monthly income. The city has run out of money from the affordable housing bond passed in 2006, Cole said. This year's bond amount, if approved, would not require a property tax rate increase, she said.

The $65 million in bond money would go toward partnerships with outside organizations to create more affordable homes for rent and ownership and help preserve existing affordable housing, according to the city of Austin website. Eligibility for programs created by the bond money is based on income. For example, an Austin family of four earning $58,550 or less annually in 2013 could qualify for funding. Other programs intended for very low-income families are geared toward families of four making $36,600 or less this year, according to the website.

The bond proposal has garnered mixed reaction since becoming official. Keep Austin Affordable, a coalition of community leaders in support of the $65 million bond, intends to ramp up campaign efforts leading up to Election Day. Bond opponent Travis County Taxpayers Union held a rally Oct. 21—the first day of early voting. The group otherwise has no last-minute campaign plans, according to a TCTU spokesman.