About $42M spent in 3 years; $13M left
The Austin Neighborhood Housing and Community Development office has expended almost 75 percent of its $55 million bond fund, three years into the seven-year program.
The office plans to ask City Council on Feb. 25 what it should do with the remaining $13 million, which it received when more than 60 percent of voters approved affordable housing funds in 2006 as one of seven propositions on a $567.4 million bond program.
The funds are used to supplement other sources of revenue to build or maintain housing for low- to moderate-income households. Proponents said the funds are a boon to the economy, creating short-term and long-term jobs in addition to spurring more public and private sector investment.
Of the $41.7 million the office has expended or obligated, it induced other private and public sources to spend $158.6 million on development, said David Potter, housing development manager for the Neighborhood Housing and Community Development Office.
Courtesy of ABJ
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