A ballot item on the May 4 primary election would require the city of Cincinnati to put $50 million a year into a trust fund for affordable housing.“Issue 3 is the idea of thousands of Cincinnatians,” Josh Spring said.Spring is one of the petitioners who said the trust fund would build and maintain housing that’s affordable for 41% of Cincinnatians.The message from opponents is if the measure passes it will lead to major cuts to the budget.“As someone who helps put together the budget each year, $50 million being diverted out of our general revenue fund is almost unfathomable. I don’t know where we would start,” City Councilman Greg Landsman saidSpring calls his opponents’ claims nothing more than fear tactics.“The fact is $50 million every year isn’t enough. It will not fill the gap. We are short 28,000 affordable homes in the city of Cincinnati,” Spring said.The city already has money in a housing trust fund and announced this week the creation of a private fund.“A new fund that will sit outside city hall and attract private money in addition to the public money we’re going to put in, tens of millions of dollars going to affordable housing but we’re not doing it at the expense of city services or our workers,” Landsman said.Supporters say Issue 3 will create jobs. They say it the way to pay for the trust fund, in addition to the city’s general fund, a developer’s fee, an income tax on some stocks and money from the lease or sale of the Cincinnati Southern Railway.
A ballot item on the May 4 primary election would require the city of Cincinnati to put $50 million a year into a trust fund for affordable housing.
“Issue 3 is the idea of thousands of Cincinnatians,” Josh Spring said.
Spring is one of the petitioners who said the trust fund would build and maintain housing that’s affordable for 41% of Cincinnatians.
The message from opponents is if the measure passes it will lead to major cuts to the budget.
“As someone who helps put together the budget each year, $50 million being diverted out of our general revenue fund is almost unfathomable. I don’t know where we would start,” City Councilman Greg Landsman said
Spring calls his opponents’ claims nothing more than fear tactics.
“The fact is $50 million every year isn’t enough. It will not fill the gap. We are short 28,000 affordable homes in the city of Cincinnati,” Spring said.
The city already has money in a housing trust fund and announced this week the creation of a private fund.
“A new fund that will sit outside city hall and attract private money in addition to the public money we’re going to put in, tens of millions of dollars going to affordable housing but we’re not doing it at the expense of city services or our workers,” Landsman said.
Supporters say Issue 3 will create jobs. They say it the way to pay for the trust fund, in addition to the city’s general fund, a developer’s fee, an income tax on some stocks and money from the lease or sale of the Cincinnati Southern Railway.
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