City Council Tuesday night unanimously approved backing a ballot measure that would create a state-wide affordable housing program through a hike in state income taxes.
City staff members, in a report to the council, said if passed, Proposition 123 may give Longmont additional financial resources to provide affordable housing in the community.
Proposition 123, originally filed as Proposition 108, would create the State Affordable Housing Fund and dedicate one-tenth of one percent (0.1%) of state income tax revenue to fund housing programs, according to Ballotpedia.
Ballotpedia states the programs include::
- providing grants to local governments and loans to nonprofit organizations to acquire and maintain land for the development of affordable housing;
- creating an affordable housing equity program to make equity investments in multi-family rental units to ensure that rent is no more than 30% of a household's income;
- creating a concessionary debt program to provide debt financing for low- and middle-income multi-family rental developments and existing affordable housing projects;
- creating an affordable home ownership program providing down-payment assistance for homebuyers meeting certain income requirements;
- creating a grant program for local governments to increase capacity to process land use, permitting, and zoning applications for housing projects; and
- creating a program to provide rental assistance, housing vouchers, and other case management for persons experiencing homelessness.