Austin voters overwhelmingly agreed to let the city borrow $350 million to put toward affordable housing, marking the largest affordable housing bond ever passed in the city.
Residents have to approve this loan, called a bond, because they're on the hook for paying back the debt through property taxes. The city estimates someone who owns a home with a taxable value of roughly $360,000 will pay about $47 more a year in taxes toward the city’s debt.
In 2018, voters approved another affordable housing bond, with a price tag of $250 million. Nearly all of the money from that loan, which will also be paid back through residents’ property taxes, has been spent.
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