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Committee advances ordinance to let city issue tax‑exempt revenue bonds for workforce and middle‑income housing
Summary
The Budget & Finance Committee on July 10 advanced an ordinance to enable the City to issue tax‑exempt revenue bonds to finance workforce and middle‑income housing projects, adopting three technical amendments and forwarding the measure to the full Board with a positive recommendation.
The Budget & Finance Committee on Wednesday voted to advance an ordinance that would let the city issue tax‑exempt revenue bonds to support acquisition, rehabilitation and construction of workforce and middle‑income housing.
Supervisor Aaron Paskin, who introduced the legislation, said the tool treats housing “like infrastructure” and could unlock financing that moves projects forward without direct taxpayer repayment. “Financing is the key to affordable housing,” Paskin said, arguing tax‑exempt revenue bonds can reduce borrowing costs and, at lower interest rates, eliminate the need for subsidies on some projects.
The ordinance would authorize…
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