Under certain programs. Review the bond options.
The council s june 2 vote set into motion a series of further votes public hearings and finally a referendum that will ask taxpayers to support an 80 million housing bond on the ballot this fall.
Housing bonds. The nys housing finance agency bonds website features bond offerings and ratings financial documents news updates about our municipality and other information about our municipal bond programs. Debt securities issued by state or local governments to raise money for affordable housing development. Housing bond funds also can be used to support state or local housing programs that do not qualify for federal funds.
Proceeds generated from a bond can be loaned to nonprofit and for profit real estate developers who will use the money to create and preserve affordable housing opportunities for citizens with limited incomes. An affordable housing bond is a tool used by municipalities to raise capital to create and preserve affordable housing opportunities. The cscda housing bond program is designed to assist both for profit and nonprofit developers in accessing tax exempt bonds bonds for the financing of low income multifamily and senior housing projects.
State and local governments sell tax exempt housing bonds commonly known as mortgage revenue bonds mrbs and multifamily housing bonds and use the proceeds to finance low cost mortgages for lower income first time homebuyers or the production of apartments at rents affordable to lower income families. Web exclusive this election cycle raleigh voters will be asked to cast a ballot in favor of an 80 million bond package focused on planning for and funding equitable housing development in the city especially around transit over the next five years. A 24 person affordable housing bond advisory committee was formed to.
Housing bonds can be particularly effective when used as gap funds to leverage federal funding streams such as 4 percent tax credits. Any state or locality can issue bonds to fund affordable housing projects. City council directed the housing staff to look at two affordable housing bond options for the november 2020 ballot.
The bonds may be used to finance or refinance the acquisition and rehabilitation of an existing project or for. View presentation slide deck below. The bond package which could add an average 25 each year to raleigh residents property tax bill is broken down into five elements or.
Housing bonds sometimes require voter approval and are repaid out of the. A short term or long term bond issued by state or local governments to help finance the construction or rehabilitation of affordable rental housing.