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Council approves ordinance to reserve 22% of proposed sales-tax increase for Affordable Housing Fund
Summary
Knoxville City Council voted 8–1 on Oct. 13 to amend the city code to designate the lesser of $10 million or 22 percent of additional local option sales-tax revenue generated from any rate increase approved in the election on or before Nov. 4, 2025, to the city's Affordable Housing Fund.
Knoxville City Council voted 8–1 on Oct. 13 to amend the city code to designate the lesser of $10 million or 22 percent of additional local option sales-tax revenue generated from any rate increase approved in the election on or before Nov. 4, 2025, to the city's Affordable Housing Fund.
Supporters, including Anne O'Connor, co-president of Justice Knox, told the council that a stable local funding stream is critical for developers to stack financing and attract outside capital. "On average, developers using our local housing fund have leveraged $15 of outside financing for every $1 of local dollars," O'Connor said.
The ordinance drew backing from housing advocates and…
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