About GO Bond #10

On Tuesday, October 2, 2007...

Create the Path to Homeownership by Voting 'YES' on G.O. Bond #10

This October you can help put thousands of young families in Albuquerque on the path to homeownership by voting YES on Bond Question #10. Approval means $10.1 million over the next two years for the construction, rehabilitation and financing of high-quality housing for young families and the elderly.

Albuquerque’s business leaders, families, community leaders all agree that homeownership is an investment for our community. More housing opportunities means a more vibrant economy, safer neighborhoods and a stronger tax base.

On October 2nd, please join us in helping New Mexico’s young families on the path to homeownership.

Saying YES! To Bond #10 Means:

• More than 5 million dollars a year for the construction, financing and rehabilitation of more affordable housing in Albuquerque.
• This investment will be matched by other sources to generate almost $20 million a year in total for Albuquerque’s young families and senior citizens! A healthier economy fed by a stronger workforce and safer, more vibrant neighborhoods.

This election, you have an opportunity to make a stronger community…. Vote YES on #10 and help put more Albuquerque families on the path to homeownership!

What the Workforce Housing Opportunity Act (WHOA) means for Albuquerque’s economy and working families:
1. To keep Albuquerque strong and healthy requires a winning investment in high-quality, safe and affordable housing for the city’s most valuable resource: its workforce. Who is Albuquerque’s Workforce? Small business owners, young professionals, the elderly, teachers, nurses and public safety professionals are just a few examples of the people who keep our city running and who contribute to our economy in every way.

Rapidly rising land and construction costs are causing an unprecedented increase in housing rental and sale prices. 33% of Albuquerque families are burdened by increasing costs of housing.

Nearly 80% of households with incomes under 50% of median income are rent burdened or living in overcrowded conditions.

That means an estimated 30,000 – 40,000 Albuquerque households are paying more than they can afford for rental housing.

An estimated 3,000 homeless individuals survive day-to-day in Albuquerque.

2. This bill strengthens our economy and improves our neighborhoods. High-quality, safe and affordable housing builds wealth, improves worker and student performance and fosters community pride and identity.

A public investment into permanently affordable, well-designed housing leads to additional private investment and stable, mixed income and vibrant neighborhoods. Permanent affordability builds individual and community wealth.

Families build equity and security for themselves while ensuring that same opportunity for others far into the future. The community builds wealth through retention of public subsidies, job creation, micro enterprise and other economic activity that results from stable families and communities. Permanent affordability and land banking is a proven method to stem gentrification in established neighborhoods.This bill creates cost savings by linking workforce housing to transit corridors and employment/enjoyment centers, universal design standards for elderly and special needs housing, and energy efficiency standards.

3. GO Bond #10 will creates innovative and reliable source of funds for workforce housing. This legislation authorizes the Mayor to dedicate 8% of the biannual General Obligation Bond package to a Workforce Housing Trust Fund. 50% of funds generated will be used in a Land-Banking program for the purchase of land while it’s still relatively affordable for the future development of workforce housing. A matching requirement will generate 4 additional dollars from non-city sources for every 1 city dollar in the Trust Fund.

In total, almost $20 million annually will be available for land acquisition, development and mortgage/rental assistance.

An appointed Workforce Housing Committee will ensure these dollars are used appropriately and directed at areas of greatest need.