Today, the Business Courier ran an article by Chris Wetterich that reported that Cincinnati’s earnings tax would rise from 1.8% to 1.9% under a charter amendment being proposed by Councilman Chris Seelbach.
The Cincinnati Enquirer followed with an article from Sharon Coolridge – Seelbach: Raise earnings tax to pay for affordable housing; would need council, voter approval.
GCNKAA’s concern is that this plan has not been fully defined or explained. The general proposal includes dividing the funds:
- 50% toward the production and preservation of rental housing. Half of that money must be used to support housing and rents affordable to individuals and families with a household income at or below 30% of the area median income, with 40% going to support households making 60% of the area median income or less.
- 20.5% to homeownership and home repair efforts. Assistance in that program will be used to provide assistance to homeowners and first-time buyers with an income at or below 80% of the area-median income through forgivable loans, grants or other similar financial assistance.
- 20.5% Homelessness prevention and housing stability. That money would be used to pay for temporary rental assistance, shelter diversion and stability services for households with an income at or below 60% of the area-median income.
- 9% of the money will be used for the costs of administering the programs and cannot be used for debt service.
We will be monitoring the development of this proposal and keeping you informed.
