During a recent government meeting, city officials discussed the proposed strategy for utilizing a $15 million affordable housing bond approved by Denton residents. The bond, which will be allocated over three fiscal years, aims to address significant housing needs identified in a recent assessment, particularly for households earning below 80% of the area median income.

The assessment highlighted a pressing demand for rental housing for those earning under 50% of the area median income, as well as affordable homes for sale. Additionally, there is a need for supportive housing for individuals with disabilities and seniors requiring home repairs. The city’s strategic toolkit for affordable housing outlines several approaches, including infill development, zoning relief, and preservation of existing homes.

City staff proposed a funding allocation strategy for the bond, suggesting that 30% be used for property acquisition, 50% for direct project financing, and the remaining 20% for capacity expansion and housing assistance programs. This approach shifts focus from land banking, which has posed risks for cities, to financing projects already in motion, thereby minimizing potential losses.

Key initiatives under the bond include an accessory dwelling unit program to ease the burden on homeowners, down payment assistance for first-time buyers, and eviction prevention services through legal assistance. The latter aims to stabilize families facing eviction, a critical step in preventing homelessness.

City officials emphasized the importance of collaboration with local nonprofits and other cities to learn from their experiences in affordable housing initiatives. The meeting concluded with a call for further direction from council members on the proposed activities and funding allocations, with plans to return for more detailed discussions on individual programs in the coming months.