Laserfiche WebLink
SUBJECT: REGIONAL AFFORDABLE HOUSING STRATEGY UPDATE <br />DATE: APRIL 9, 2019 <br />PAGE3OF4 <br />hosting its second Affordable Housing Summit on May 10th, 2019 from 7:30 — 11:30 <br />at the Dove House in Lafayette to discuss the affordable housing ballot issue. All <br />Councilmembers are invited to participate in this Summit. <br />FISCAL IMPACT: <br />If passed, this ballot measure would have an impact on the City's budget, as well as on <br />the sales and property taxes levied within the City. The revenues would provide the City <br />with funding to support affordable housing investments in Louisville and in neighboring <br />communities through its partnership with BCHA. <br />Regardless of the timing of the measure, the Partnership is recommending the ballot <br />measure propose a property tax pf 3.25 mils, which would raise approximately $20 <br />million dollars annually for a Regional Housing Trust Fund. <br />The estimated annual amount generated in Louisville through a 3.25 mils tax (based on <br />2018 assessed valuation) would be approximately $2,160,000 per year. Of that amount, <br />approximately $62,000 would be captured by the Urban Revitalization District. <br />In addition, the ballot measure would have an impact on the mil levy applied within the <br />City of Louisville. An "average" City of Louisville taxpayer will pay property tax in 2019 <br />based on the following 2018 mil levies: <br />Boulder Valley School District <br />Boulder County <br />City of Louisville <br />Louisville Fire District <br />Northern Colorado Water District <br />Urban Drainage & Flood Control <br />2013 <br />Levy <br />43.967 <br />24.026 <br />7 934 <br />6.686 <br />1.000 <br />1.726 <br />90.339 <br />The increased County mil levy would be applied to the Boulder County portion, <br />increasing the total Louisville taxpayer mil levy to 93.589. <br />Notes: <br />• `Average" is defined as within the City of Louisville, but not within any metro district. <br />• Boulder County's 2018 levy includes a temporary levy reduction of 0.734 mils. <br />PROGRAM/SUB-PROGRAM IMPACT: <br />This proposal supports the Community Design program area, with the goal to sustain an <br />inclusive, family -friendly community. In addition, it supports the Governance & <br />Administration sub -program area and objective for governance based on thorough <br />understanding of the community's diverse interests executed through clear and effective <br />policy direction. <br />CITY COUNCIL COMMUNICATION <br />