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Affordable Housing Fund board asks commission to let staff vet revenue-bond option to scale affordable housing
Summary
The Affordable Housing Fund board and staff recommended the city pursue due diligence on using revenue bonds (and partner tools like TIF or HUD credits) to generate capital for projects that serve households at roughly 60–100% AMI, while keeping millage as a longer-term option.
Deputy manager Kate Behrens and consultant Ryan Kilpatrick briefed commissioners on April 14 about options the Affordable Housing Fund board studied to grow the fund beyond its current grant and donor-directed resources.
Kilpatrick summarized national practices and tradeoffs: general-obligation bonds rely on tax revenue and usually require voter approval, while revenue bonds can finance up to 100% of project costs by relying on a project’s revenue stream and often…
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