The proposed increase in the City’s portion of the realty transfer tax (currently 2%, with the school district and the state levying the tax at an additional 1% each) to provide revenue for an affordable housing trust fund will get a public airing next week by City Council. This blog from May has a lot of details on the mechanics of the tax as it currently exists.
The Affordable Housing Task Force report released in May of 2016 recommended the tax increase as one way to possibly fund a local trust fund, but it also recommended putting any proposal on the ballot for consideration by the City electorate.
