NOTICE of Measure Election
NOTICE IS HEREBY GIVEN that the Metro Council has referred the following measure to voters in the Metro District, at the Nov. 6, 2018, General Election. Any registered voter dissatisfied with the Ballot Title and Explanatory Statement may file a petition with the Multnomah County Circuit Court for review on or before 5:00 PM, June 29, 2018. Any person filing a challenge must also file a copy of the challenge with the Director of Elections, 1040 SE Morrison St., Portland, by the end of the next business day after the petition is filed with the Circuit Court. - Tim Scott, Multnomah County Director of Elections
Caption: Bonds to fund affordable housing in Washington, Clackamas, Multnomah counties.
Question: Shall Metro issue bonds, fund affordable housing for low-income families, seniors, veterans, people with disabilities; require independent oversight, annual audits?
If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.
Summary:Measure authorizes $652.8 million in general obligation bonds to fund affordable housing in Washington, Clackamas, and Multnomah counties.
Bonds will be used to build affordable housing for low-income households; purchase, rehabilitate, and preserve affordability of existing housing; buy land for affordable housing; help prevent displacement.
Affordable housing means land and improvements for residential units occupied by low-income households making 80% or less of area median income, which in 2018 for a family of four was $65,120; improvements may include a mix of unit sizes, spaces for community and resident needs and services. Some units will be accessible for people with disabilities and seniors; flexibility for existing tenants and hardship.
Requires community oversight and independent financial audits. Creates affordable housing function for Metro, implemented by Metro and local housing partners. Local and regional administrative costs capped at 5% of bond proceeds. Bond costs estimated at $0.24 per $1,000 of assessed value annually, approximately $5.00/month for the average homeowner. Bonds may be issued over time in multiple series.
In the Metro region, rents and housing prices are rising faster than wages. Between 2010 and 2016, the median income for a renter increased 19% while the average rent increased 52%. The need for affordable housing continues to increase, with demand for affordable housing outpacing supply. This is especially true for people on fixed incomes, working families, and seniors and disabled people in our region.
This measure will authorize Metro to issue $652.8 million in general obligation bonds to provide affordable housing for low-income families, seniors, veterans and people with disabilities in the Metro region which includes Washington, Clackamas and Multnomah counties.
The bond funds will be used to build affordable housing for low-income households, to purchase and rehabilitate existing housing to preserve its affordability and prevent displacement, and to buy land for the immediate or future construction of new affordable housing.
The measure will create an affordable housing function for Metro, and will be implemented by Metro and local governments. The administrative costs of Metro and local housing providers paid for by the measure will not exceed 5% of bond funds. Metro may issue the bonds over time in multiple series. Metro estimates that the cost of the measure to the average homeowner to be 24 cents per $1,000 of assessed value annually, or approximately $5.00/month. An independent community oversight committee will review bond expenditures and provide annual reports, and an independent public accounting firm will perform an annual financial audit of the expenditure of bond funds.
For purposes of the bond measure, “Affordable Housing” means land and improvements for residential units occupied by low-income households making 80% or less of the area median income, which in 2018 for a family of four was $65,120. The improvements constructed or purchased with bond funds may be composed of a mix of unit sizes, and may include spaces for community and resident needs and services, such as, without limitation, spaces for childcare services, healthcare services, grocery, onsite utility and building facilities, and other commercial, office and retail uses. Some units will be accessible for people with disabilities and seniors. The income eligibility rules may provide for a waiver or temporary relief from the limitations on qualifying income, if needed to avoid undue hardship or displacement of persons living in existing housing.
On behalf of:
Metro Council President Tom Hughes
Councilor Shirley Craddick
Councilor Betty Dominguez
Councilor Craig Dirksen
Councilor Kathryn Harrington
Councilor Sam Chase
Councilor Bob Stacey