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Council splits on how to expand affordable housing funding; bond and tax options discussed
Summary
Council debated whether to dedicate a tax increment ("a penny") or pursue a housing bond to boost affordable housing. Staff outlined current general fund and CDBG allocations, gap‑financing practices, and active projects (including Greenwood Forest and Rose Park Manor).
Affordable housing dominated a long portion of the March 24 work session as councilmembers pressed staff for options beyond the current capital draft.
Councilmember Laurie and others urged a dedicated funding stream—sometimes referred to as "a penny" on the tax rate—to guarantee annual investment in housing. "I would love to be at about a penny on the tax rate of affordable housing investment," one councilmember said, arguing it would produce predictable annual resources for gap financing and…
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