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Are Bonds Austin's Best Way to Support Affordable Housing?

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If approved, a $65 million bond proposition would go toward building, renovating and funding affordable housing projects.

This November, Austinites are being asked to approve a $65 million affordable housing bond. The money would go toward building and renovating affordable housing projects; purchasing land to build affordable housing on; and funding of ongoing affordable housing initiatives. You can .

But it was just one year ago that voters .

With that recent loss, some have asked whether issuing tax-supported municipal bonds is the best way to fund affordability in Austin.

Dan Keshet . While he says he may ultimately vote for the bond, he says bonds are the wrong approach to affordable housing. He argues that city-issued bonds work more slowly and less powerfully than private developers could with respect to building more housing � but only if city policies changed. “And that means a greater willingness to allow greater heights, greater density,� Keshet says.

With tweaked zoning and development rules, Keshet argues the city could create a bigger supply of housing, which in turn could help to bring down rents � creating a more affordable market overall.

But changing city policies is sometimes a long and difficult process. That’s why the � one of the bond’s largest advocates � supports both longer-term policy changes, but also short-term initiatives like the bonds. “All of these things go into moving the needle on poverty and this is one of those many pieces,� says chamber vice-president Jeremy Martin.

That’s what supporters of the affordable housing movement are telling anyone who’s willing to listen � that the bond would move the needle in the right direction.

Walter Moreau oversees , one of Austin’s most successful affordable housing providers. When KUT , he said there’s more the city could do to incentivize affordable housing � but city dollars are still a necessity.

“I think we can do a lot through the land development code, through zoning, through density bonuses, through other policy-oriented things,â€� he said. “But we also are going to have to come up with capital funding, especially to serve the lowest-income folks. Otherwise, they’ll  be priced out of Austin, and I think that hurts us a community.â€�

through Nov. 1. 

Texas Standard reporter Joy Diaz has amassed a lengthy and highly recognized body of work in public media reporting. Prior to joining Texas Standard, Joy was a reporter with Austin NPR station KUT on and off since 2005. There, she covered city news and politics, education, healthcare and immigration.
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