The Austin City Council voted at its regular meeting Thursday to dedicate funds from future property tax revenues to affordable housing programs, the Austin-American Statesman reported earlier today.
The news article explains that the 8-3 vote will allow future property tax revenues from the future privatization of currently county- and state-owned lands to be set aside for such programs, noting that funding from that source could be millions of dollars a year.
Don Zimmerman of District 6, Ellen Troxclair of District 8, and Sheri Gallo of District 10 all opposed the proposal, according to the Statesman. The paper added that the council is expected to direct city staff to develop a plan for affordable housing that takes multiple approaches to the problem, including new affordable housing requirements, developer fees, and building incentive programs.
• City approves dedicated funds for affordable housing programs [AAS]