Jefferson County Proposition 1 to establish a Home Opportunity Fund for affordable housing provides a creative approach in addressing a perplexing community need.
I would like to comment on some concerns I’ve heard about Prop 1.
Prop 1 is not a subsidy to renters or homeowners but a stimulus to expand the pool of affordable housing.
Someone concerned about housing subsidies might reflect on the federal government mortgage interest tax deduction, which subsidizes homeowners by $70 billion per year, according to news reports.
Over the past eight years, my wife and I as LION (Local Investing Opportunity Network) members have invested in numerous local businesses to create jobs.
Many of these business find workers who cannot afford to live here on the wages they are able to pay.
Job creation is needed, but it alone is not the answer.
Increased rents: Prop 1 works out to $3 per month per $100,000 assessed value.
The monthly rent on a home assessed at $200,000 will go up $6 if the landlord passes along the tax increase.
For an entry-level earner making $18,720 per year, 0.4 percent of their annual income would go to address the very problem they face.
People should work to pay for housing.
The vast majority of people looking for affordable housing are hard workers who serve the community as landscapers, wait staff, care providers and other service and manufacturing jobs we need.
I hope you take these thoughts into consideration as you decide how to vote on Prop 1.