Local Politics

Raleigh considers issuing $52M street, housing bonds

Posted April 15, 2011 5:38 p.m. EDT

— The Raleigh City Council is considering bond referenda totaling $52 million for transportation and housing.

The proposed $37 million transportation general obligation bond includes projects such as widening and repaving. This is the first time in Raleigh that funding for sidewalks, bike lanes and greenways has been included in a proposed transportation bond.

The proposed $15 million in affordable housing general obligation bonds include money for homeownership, rental development, rehabilitation, neighborhood revitalization and addressing the needs of the homeless.

Approval of the two referenda would add 0.84 cent per $100 valuation to the city's property tax rate. This increase would translate into an annual property tax increase of $15.80 on a home valued at $188,139, the median-priced assessment for Raleigh homes.

If included on the Oct. 11 ballot, the two bonds would be voted on separately.

A public hearing on the proposed referenda will be announced soon, city officials said Friday.