In a move to respond to a lack of moderately-priced housing in Flagstaff, a proposition there will be asking voters in November to approve legal language that could result in the construction of new affordable rental units.
Proposition 422, if approved, will give the City of Flagstaff the power to use some $25 million in bonds to build new housing for those with moderate incomes.
The proposition specifically calls for bonded funding for “construction, rehabilitation, redevelopment and acquisition of land for housing units.”
The bonds would be used to provide either loans or grants for all affordable income projects, and could lead to the creation of hundreds of new rental units.
As proposed, the proposition would see the creation of an affordable housing committee, to be appointed by the Flagstaff City Council, that would determine funding for proposed affordable income construction projects.
According to a group called the Arizona Housing Coalition, Flagstaff currently has the largest gap between the average wage and average cost of rent in Arizona.
The site Rentjungle.com reports that the average rent for a one- to two-bedroom apartment in Flagstaff, as of last month, was $1473, up from $1254 last year at the same time.
Members of the Flagstaff City Council voted to approve putting Proposition 422 on the fall ballot in July, after reducing the amount of the bond from its original $35 million.
By Garry Boulard