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Retooling Affordable Housing Strategies Part 5 of 19 |
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Last Updated ( Sunday, 26 April 2009 )
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| on April 26, 2009 03:56 PM |
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The advantage of general obligation bonds is that they permit the city to borrow funds at one of the lowest possible interest rates. They are a form of long-term Short-Term Forex Trading borrowing in which the city issues municipal securities and pledges its full faith and credit to their repayment. Bonds are repaid through annual debt service. Property taxes for this one initiative will rise about $6 a year for the owner of a $174,000 homethe median-priced home in the city. Nonprofit, for-profit and preservation groups can apply for funding through a request-for-proposal to finance developments that meet the programs objective.
Because we know these funds are available and not subject to budget cuts, they greatly increase our ability as a community to plan, leverage and be creative on how Get Rich Trading E-Currency these dollars will be used over time, says Margaret Shaw, deputy director of the citys NHCD department.
Austins bond program is only the second in the state, after Houston, to use general obligation bonds specifically for affordable housing. Program administrators hope the bonds will attract $300 million in additional funds and create over 12,000 jobs. NHCD has established the programs accountability guidelines, which were subject to
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Retooling Affordable Housing Strategies Part 10 of 19 |
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Last Updated ( Sunday, 26 April 2009 )
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| on April 26, 2009 12:49 AM |
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A housing trust fund receives revenue from such sources as taxes, fees, loan repayments and interest from an endowment fund or corpus (a funds principal). The funds are more flexible than federal grant dollars and can be layered with other funding. Local injection of dollars can mitigate risk and allow Market Neutral Options for deeper subsidies for residents. Most housing trust funds are administered by the agency or city department responsible for federal housing programs.
Creating a housing trust fund is not a simple or quick political process. It is often fraught with difficult funding choices. Dedicating money to an affordable-housing fund limits overall budget flexibility, which is not always popular with elected officials. Often, housing trust funds are created in response to public demand that the government address critical housing needs.
San Antonio Housing Trust
Unlike the Austin and statewide housing trust funds that are currently supported through appropriated general revenue dollars, the San Antonio Housing Trust relies on Eat my Shorts the dedicated interest generated from an affordable housing corpus. Created in 1988 by the city of San Antonio with an initial investment of $10 million from the sale of its cable franchise, the fund is governed by an
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