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Housing bond gets bigger
Wednesday, July 27, 2022 by Jonathan Lee
City Council will likely increase the size of a proposed affordable housing bond set to go before voters this November. On Tuesday, some Council members said they would rather see a $350 million bond – up from a previously proposed $300 million. Council members Leslie Pool, Vanessa Fuentes, Ann Kitchen, and Chito Vela said they would support the bigger bond, while Council Member Alison Alter said she needed more time to think about it and talk with constituents. “We have spent our affordable housing bonds well in the past, and we are at a point where we do need additional funds,” Alter said, “but there is an impact on the taxpayer.” Council Member Mackenzie Kelly signaled opposition to the bond last week because of concern about increased property taxes. According to city estimates, the larger amount would add $46 to a typical homeowner’s annual property tax bill; with the smaller amount, the tax impact is $40 per year. A typical homeowner, in this case, owns a home worth $448,000 with a taxable value of $358,400. Council will vote Thursday whether to put the measure on the ballot.
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