On Election Day, Raleigh voters will determine the fate of an $80 million bond intended to fund low-income housing developments. If approved, it would join similar voter-approved bond issues in Greensboro, Charlotte, Winston-Salem, and Durham, Spectrum News has reported.
If the bond vote is successful, $28 million will go toward programs meant to help chronically homeless people secure housing, while another $24 million would finance low-income housing tax credits, which incentivize the construction of low-income housing. The city council would have to increase property taxes to pay for the bond, the broadcaster reported.
The effective tax increase would be $20.07 per year for a home with the median value of $255,744.
There is some concern about the bond — from both the left and the right.
Housing advocates such as the Wake County Housing Justice Coalition have expressed concerns the money would end up going to fund more moderate-income housing. That group has urged a “no” vote on the bond. Meanwhile, the John Locke Foundation’s Mitch Kokai said the money won’t do any good without regulatory changes.
“You need to relax the zoning restrictions and other regulations that make it harder to build affordable housing,” he was quoted as saying. “While $80 million is going to accomplish something, it’s not going to solve the problem, and it’s basically telling taxpayers to spend some money and basically you’re going to have the same problem you’re trying to address.”