RESOLUTION NO. 220902
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Sponsors: Councilperson Robinson, Mayor Lucas, Councilpersons Bough and Bunch
Stating the Council's intent regarding use of up to $50,000,000.00 in general obligation bond proceeds in the event that voters approve authorization of such bonds on November 8, 2022; designating said funds for the purpose of affordable housing and stating the Council's intent to appropriate said funds into the Housing Trust Fund; and establishing additional requirements for the use of the funds with preference for proposals that provide for "deeply affordable housing."
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WHEREAS, on August 18, 2022, the City Council passed Committee Substitute for Ordinance No. 220663, calling an election on November 8, 2022, for the purpose of authorizing the issuance of $175,000,000.00 in General Obligation Bonds to finance various public improvements across two ballot questions; and
WHEREAS, Question No. 2, if approved by Kansas City, Missouri voters on November 8, 2022, will issue general obligation bonds in an amount not to exceed $50,000,000.00 for the purpose of affordable housing through rehabilitation, renovation, construction of houses and buildings, including blight removal, to provide affordable housing for very-low to moderate income-households; and
WHEREAS, the Housing Trust Fund was established to promote, preserve, and create long-term affordable housing for very low-, low-, and moderate-income households and has proven an effective tool for supporting housing affordability for extremely and very low-income households; and
WHEREAS, general obligation bonds are not an ongoing revenue source, and the City recognizes there is a continued need for an ongoing revenue source for the Housing Trust Fund; and
WHEREAS, the City has a continued need for additional affordable housing supply, specifically at the levels of extremely low- and very low-income households. The household income levels of extremely low- and very low-inc...
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