title
Approve a Tentative Affordable Housing Bond Referendum Plan and Proposed Schedule of Actions.
body
Staff:
Department:
Loryn B. Clark, Executive Director
Housing and Community
Kenneth C. Pennoyer, Director
Business Management
Overview: During a Council Work Session on February 7, 20181, the Council discussed creating an affordable housing investment plan including potential uses and priorities for Town resources. We identified affordable housing general obligation (GO) bonds as the appropriate funding vehicle for an affordable housing investment plan. We also shared information on the GO bond referendum process including a preliminary schedule of actions required to meet the statutory requirements for a November 6, 2018 affordable housing bond referendum. Tonight we ask that the Council approve a tentative referendum plan consistent with the work session discussion and a proposed schedule of actions.
If the Council chooses to pursue an affordable housing bond referendum in November, the first step is establishing a tentative referendum plan. The purpose of the plan is to provide preliminary guidance on use of bond funds and to establish the amount of bond issuance authority that will be requested through the referendum.
Adoption of the resolution would confirm Council's intent to pursue an affordable housing GO bond referendum in November of 2018 and allow us to begin discussions with the Local Government Commission staff. The Council would have additional opportunities to discuss, modify and finalize the plan during discussions this spring.
Recommendation(s):
That the Council adopt the resolution to establish a tentative affordable housing bond referendum plan, including a preliminary schedule, to meet the statutory requirements associated with a GO bond referendum for November 6, 2018.
Discussion: As discussed in the Council Work Session on February 7, 2018, we propose the following framework for an affordable housing investment plan consistent ...
Click here for full text