Flagstaff officials hope a proposed bond measure on the November ballot will help ease the city’s ongoing housing crisis.
If passed, Proposition 442 would pave the way to create dozens of affordable rental units.
The proposed $20 million bond would be used to invest in turning city-owned properties and other existing buildings into affordable housing.
It would also expand Flagstaff’s homebuyer assistance program to help first-time homeowners cover down payments and closing costs, and incentivize private developers to include affordable rental housing in any new developments. City officials say that alone could establish about 400 to 500 new units.
In 2020, the Flagstaff City Council declared a housing emergency. Housing prices soared during the pandemic and are currently at an all-time high. The median Flagstaff home price has increased by 166% in recent years, while the local median incoming only rose by 37%.
City officials say the bond won’t cause an increase in tax rates.
Election Day is Tuesday, Nov. 8.
