Vancouver City Council unanimously approved a resolution expressing support for Proposition 3, the Affordable Housing Levy which is on the ballot for the Feb. 14 Special Election.
If approved by voters, Proposition 3 would replace the City’s expiring affordable housing tax levy. Proposition 3 would provide continued funding for affordable housing and housing services for people with low and very low incomes in Vancouver. The replacement levy is projected to provide rent assistance and housing services to 2,500 households, preserve or construct 2,400 affordable homes, support 550 shelter beds and help 150 households with home ownership over the life of the levy.
The proposed levy replacement would raise $10 million annually, totaling $100 million over a period of 10 years starting in 2024. The property tax levy amounts to approximately $0.30 per $1,000 of assessed value, meaning the owner of a home valued at $500,000 would pay $150 per year ($0.30 X 500 = $150). As the city grows, the levy rate and cost per property goes down.
In keeping with the Revised Code of Washington (RCW 42.17A.555), the Vancouver City Council may express a collective position regarding Proposition 3 by adopting a resolution.
Read the Affordable Housing Fund Report to learn more about the City’s current work to address affordable housing and homelessness in Vancouver. Visit Affordable Housing Levy to learn more about Proposition 3.
Ballots must be deposited into an official ballot drop site by 8 p.m. on Feb. 14, or they can be mailed if postmarked no later than Feb. 14. If you need to register to vote or check your registration, visit clark.wa.gov/elections
Original source can be found here.
