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Monday, September 21, 2009

Bond Works for Affordable Housing

By Edward T. O'Leary
Chair, Vote Yes for Workforce Housing Committee
          On Oct. 6, Albuquerque's voters will have an opportunity to vote "YES" on Proposition 10, the Workforce Housing Trust Fund bond question appearing on the city's general election ballot.
        This is the second authorization of bond funding to create permanently affordable housing for Albuquerque's workforce and their families. Affordable housing units, both owned and rented, are occupied by families who cannot otherwise afford good quality, decent homes. Permanently affordable means that such housing will always remain available to those who qualify under federal guidelines for housing assistance as measured by income and family size.
        There are excellent reasons to vote "YES" on Proposition 10.
        First, this money will spur economic development in our city and supplement other new and ongoing programs by our national and local governments. The first bond issue approved by voters two years ago allowed the city to create 355 new, high quality permanently affordable housing units. Six new developments were created including both single and multifamily units. They are located convenient to employment opportunities and to citywide transportation routes. Five of these developments are located near the city's central core convenient to new jobs and opportunities that have arisen in recent years.
        I am proud that the city of Albuquerque's draft 2008 Workforce Housing Annual Report notes that as a result of the first bond issued in 2007, a projected $20,000,000 in new spending was generated, more than 400 construction jobs have been created and state and local governments are collecting new gross receipts taxes totaling more than $3 million.
        Further, for every Workforce Housing Trust Fund dollar expended, not-for-profit developers have leveraged approximately $7.50 in new sources of private, state and federal funding. There are worthy affordable housing projects already in the planning and design phases ; projects that will need the support of this year's bond dollars.
        Second, everyone should have the opportunity to live in safe, decent housing. Unfortunately, more than 25 percent of Albuquerque families have problems affording housing. These 52,000 households include both young families and senior citizens. Most of them are working, many in jobs such as teachers, child care workers, paramedics, police officers, fire fighters and home health aides.
        The number of families who are having trouble affording housing is growing, as wages tumble and jobs are eliminated. This means that large numbers of families do not have sufficient income to meet monthly rent or mortgage payments for decent housing. Decent, affordable housing means that the children of these families can thrive rather than merely survive in neighborhood environments that are unhealthy or unsafe or both. They will have the opportunity to prosper in school and acquire lifelong educational experiences that are healthy, constructive and will build better citizens. The need for decent housing stock in our city has existed for a very long time. The economic events of the last 18 months have greatly exaggerated these needs and widened the gap between being able to thrive or merely survive.
        On Oct. 6, we have an opportunity to continue this program for another two years. Your vote "YES" on Question 10, the Workplace Housing Trust Fund bond measure, is a very good deal for our city. It will create new revenues and provide access to new capital for our community's housing stock. Your "YES" vote will be an affirmation of the future lives of workforce families who struggle, as most all of us do, with difficult economic conditions. It will affirm that we value quality housing, safe neighborhood environments and our wish that children learn and mature in healthier, more wholesome environments.
        Your "YES" vote on Proposition 10 is a good deal for everyone. And even better than that, it's the right thing to do.
        Ed O'Leary is the retired president and CEO of First Security Bank of New Mexico. He currently works as a consultant on banking and financially related matters.