Question 3 - Increase Supply of Affordable Housing

Shall the City of Tempe, Arizona be authorized to issue and sell general obligation bonds in the principal amount of up to $32,000,000 to provide funding to increase the supply of affordable housing, including but not limited to: Redeveloping City owned housing to create additional affordable rental units; Repurposing existing available buildings into rental units; and Acquisition of land and enhancement of properties for development of affordable housing? Generated funds will be used to pay for all necessary design, construction, reconstruction, improvement, repair, renovation, equipment, and associated costs, including the acquisition of land or interests necessary for such purposes, all legal, financial, consulting, and other costs and fees in connection therewith. Such bonds will be issued in one or more series as tax-exempt or taxable bonds and may be sold at prices that include premiums not greater than permitted by law. Such bonds may have principal payable not later than 25 years from the date of issuance of each series. Such bonds will be issued as general obligations bonds, and the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on the bonds.