$95 Million Affordable Housing Bond on November Ballot
Last February in his State of the City address, Mayor Steve Schewel highlighted the need for more housing for Durham’s low-to-moderate income residents. After thoroughly evaluating the need, City Council voted to move ahead with a $95 million housing bond referendum on the November 5, 2019 ballot.
The $95 million bond would be combined with $65 million from local and federal funding for a total of $160 million to fund the City’s Affordable Housing Bond Investment Plan. The plan aims to significantly increase the city’s quantity of affordable housing by working closely with Durham Housing Authority to:
Build 1,600 new affordable housing units and preserve 800 affordable rental units
Move 1,700 homeless individuals and households into permanent housing
Provide 400 affordable home ownership opportunities for first-time homebuyers
Help 3,000 low-income renters and homeowners remain in or improve their homes
If Durham voters approve the bond, city property owners will incur an initial tax rate impact of an additional 1.6 cents per $100 of assessed property value to repay the debt. That’s about $37 more per year added onto an annual tax bill of $1,219 on a house valued at $229,246, the median house value for homes in the city.