Flagstaff officials say they hope Proposition 442 will help address the housing crisis by creating rental and homeownership opportunities.
As the availability of affordable housing in Flagstaff continues to decline, the city is hoping a $20 million bond measure will help create rental and home ownership opportunities for current and future residents.
“We’re challenged with a limited supply of housing and certainly a lot of demand from folks who live here, who want to live here, who go to school here and who want to have a vacation home here,” said Devonna McLaughlin, CEO of Housing Solutions of Northern Arizona. “And when you have those realities, there’s going to be a crunch.”Under this measure, Flagstaff’s secondary property tax rate is not expected to increase as long as property values remain stable, according to the city.
If passed, the funds from Proposition 442 will be invested into redeveloping city-owned housing and other existing buildings into affordable rental units as well as incentivizing the private sector to include affordable rental housing into new developments. The city would also expand the homebuyer assistance program which provides financial aid to new homebuyers, especially for down payments and closing costs.
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