Austin voters will likely be asked to approve bond dollars for affordable housing, after a similar proposition was voted down in last November.
On Monday, city council members Sheryl Cole, Bill Spelman and Chris Riley, along with housing advocates from Keep Austin Affordable, announced their support for a $65 million bond program on the November 2013 ballot. They said the spending could finance more affordable housing – without raising the tax rate.
"We are reaching a critical crossroad in our community,” said Buddy Nicoson, Vice President of Samsung Austin Semiconductor. “Austin is now the ninth most expensive rental market in the country. The average rent for a two bedroom apartment is nearly $1,100, which is more than a family with two full time working parents can making minimum wage can afford."
Keep Austin Affordable estimates Austin has about 38,000 families trying to find affordable housing and the median cost of housing has risen 85 percent in the last ten years.
The city council is expected to vote Thursday on whether to put the proposition on the ballot.