Retooling Affordable Housing Strategies Part 5 of 19
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 public comment. The notice of funding availability will be released this summer.
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