Millions from an unexpected budget surplus in Boise are once again set to fund affordable housing initiatives.
On Tuesday, Boise City Council voted 3-2 to approve a proposal from Mayor Lauren McLean to use $6.7 million in unanticipated budget surplus funds from the past two fiscal years toward building and preserving more affordable housing in the city. In past years, the City of Boise has used excess funds at year-end for one-time projects when sales tax and other revenue come in higher than expected.
The city is still working out the details of exactly what projects these funds will be used for, but it will likely be split between building new affordable housing developments in partnership with developers and preserving aging homes for low-income residents who cannot afford critical repairs…