In Case You Didn’t Know

In addition to our regularly scheduled program, Durham Mayor Steve Schewel and his colleague Karen Lado, Assistant Director of Community Development for the City of Durham, gave Rotarians a brief overview of the $95 million Affordable Housing Bond Referendum that will be on the ballot next month.
The funds are part of a five year, $160 million affordable housing investment in Durham ($65 million will come from existing City and federal housing funds) earmarked to build new affordable units and preserve existing properties to enable 1,700 homeless households to move into permanent housing and stabilizing 3,000 low-income residents in their current homes. 
On any given night, over 350 Durham residents are homeless. More than 16,000 low-income households in our community spend more than half of their income on housing. The rapid growth of our city is driving housing prices up, threatening to displace long-time residents in neighborhoods that are facing gentrification.
If passed, current property owners will incur an initial tax rate impact of 1.6 cents per $100 of assessed property value to repay the debt over 20 years, a cost of approximately $37 annually on a median priced house valued at $230,000. For more information on the bond, go to bit.ly/housing-bond.

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