Voters in Austin, Texas, passed a $65 million affordable housing bond Tuesday.
The victory for housing advocates came after a similar proposal was rejected a year ago. This time, the bond measure was propelled by a strong campaign and a “Keep Austin Affordable” message, according to supporters.
Bond proceeds will help finance both affordable rental and homeownership programs.
The $65 million included in this proposition would be funded by general obligation bonds, which are repaid by property taxes. The city plans to issue the bonds in installments beginning in 2014.