A report on the impact of the 2006 Austin Housing Bonds shows the $55 million bond package approved by voters is helping the Austin economy to the tune of $865 million. The report called The Economic Impact of General Obligation Bonds for Affordable Housing commissioned by HousingWorks Austin and a produced by Austin-based Civic Economics is to be presented at Austin City Council on Thursday, April 25.
“The 2006 Affordable Housing Bonds not only built and renovated over 3400 attractive affordable house and apartments, they generated new money in our economy and created jobs,” said Mandy DeMayo with HousingWorks Austin, a housing advocacy non-profit.
The new report found that to date $392 million and over 2900 jobs were generated in private and non-profit construction of housing funded by the bonds. The ongoing impact of the 506 long term support jobs, operational revenue, and saving in housing costs to affordable housing residents is estimated by Civic Economics to create $473 million more in positive impact to the Austin economy over 10 years since the bonds were funded.
“Making sure everyone can afford to live in Austin isn’t just the right thing to do, it makes economic sense,” DeMayo continued. “The tremendous return on investment is one of the reason HousingWorks is calling on the City Council to put a new housing bond package on the ballot this fall. We need to capitalize on this success.”
All of the $55 million in previous bonds have been spent or are committed to affordable communities currently in development. HousingWorks Austin supports a new $60-70 million affordable housing bond package to continue the program at its current level, taking into account inflation and increased construction costs.
About HousingWorks Austin: HousingWorks Austin is a local non-profit organization that advocates a wide range of housing options so that all Austinites can afford a home that is close to jobs, family, schools, recreation, and places of worship.
About Civic Economics: Civic Economics was founded in 2002 by economists Matt Cunningham and Dan Houston and has earned a reputation as America's most innovative economic development consultancy, featured in the New York Times and The Economist.