Full Text 26-179 - Yes For Affordable Homes
Yes for affordable homes!

Full Text 26-179

Caption: Bonds to fund affordable housing.

Question: Shall Portland issue bonds, fund affordable housing for low income families, seniors, veterans, people with disabilities; require public oversight? If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.

Summary: Measure would authorize $258,400,000 in general obligation bonds for affordable housing for low income households.

Bonds will be used to build new housing, purchase, rehabilitate existing housing to maintain affordability, prevent displacement, allow residents to remain in their homes.

Housing will contain a mix of unit sizes. Some units will be accessible for low-income people with disabilities, seniors. Housing may include space to provide products and services for residents.

Affordable means rents restricted by designated household size and income level for the dwelling. Low income means a household making 60% or less of median family income; lower income thresholds for some units; flexibility for existing residents and hardship. In 2016, 60% of median family income for a family of four is $43,980 per year.

A five-member independent oversight committee will review bond expenditures; provide annual reports.

Tax rate for this measure is estimated to be $0.4208 per $1,000 of assessed value. Bonds may be issued in multiple series. Annual audits required. Administrative costs cannot exceed seven percent.

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