On Monday, Jan. 9, City Council voted to endorse Proposition 3, Vancouver’s replacement affordable housing levy, on the February 14 special election ballot. This 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.
🏡 What will it cost? The levy would raise $10 million annually, totaling $100 million over 10 years. The tax is about $0.30 per $1,000 of assessed value per property owner. For a home valued at $500,000, that’s $150 a year or $12.50 per month.
🏡 Why now? The existing levy supporting the Affordable Housing Fund will sunset at the end of 2023, and despite the progress made by AHF-funded projects, the need for affordable housing continues to grow.
The City is posting this material to provide information to the community about Proposition 3. To help answer your questions about the levy, we’ve also created and are regularly updating a list of frequently asked questions at: http://www.cityofvancouver.us/prop3. These FAQS are also available in Español, Русский, Tiếng Việt, 中国人 and Chuukese.