This is a proposal for the city to issue $600 million in bonds to build and preserve affordable housing, which is rented or sold at prices below the market rate.
“Affordable” in this case means that the housing is managed by a city program or nonprofit that cannot charge more in rent or mortgage than what’s affordable to certain income levels. The bond would fund housing for a wide range of incomes, topping out at 200 percent of the median income for the area.
The biggest chunk, $220 million, is for about 1,000 new units of “low-income housing,” which is priced for individuals with annual incomes up to $68,950, or families of three with annual household incomes up to $88,700.
