What could $350M affordable housing bond mean for Austin's economy?
Posted by Grossman & Jones Group on
With the fate of a $350 million affordable housing bond now in the hands of Austin's voters, the referendum carries the potential to inject a substantial sum of money into the hands of developers and contractors — while also addressing a mounting housing crisis.
But the idea has its opponents.
The $350 million bond, the largest of its type proposed in city history, if approved would increase property taxes by more than $45 a year for a "typical" Austin home, valued at $448,000 with a taxable value of $358,400, assuming there's a homestead exemption.
Such a gain could cause pain during this time of drastically rising prices. Yet proponents argue that is why now is the time to invest in much-needed housing for essential workers.
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Updates to the site plan for the Block 32 tower project now working its way through the city’s permitting process offer us a closer look at the two towers set to rise atop a half-block at East Third and San Jacinto Streets in downtown Austin — and although our city is pretty spoiled for impressive new buildings lately, these plans show a pair of towers with a design that should prove remarkable on the skyline. We now know the developer behind the project is Austin’s own Manifold Real Estate, which has quite a few projects cooking at the moment, though Block 32 could become the largest yet.
