Revenue-neutral bond would support capital projects
for affordable and workforce housing in the city of Rockland
The City of Rockland Affordable and Workforce Housing Task Force today announced it is recommending the issuance of a $10 million municipal bond to finance capital projects to enable the construction of affordable and workforce housing in the city. This bond issuance will help facilitate capital projects that will not only provide much-needed housing but also promote long-term economic growth.
The $10 million municipal bond is designed to be revenue neutral – ensuring that the cost of the bond will be offset by increased tax revenues generated from the economic benefits of new housing development. This means there would be no additional tax burden on Rockland residents while the city takes a significant step toward addressing its housing needs.
“This revenue-neutral bond is a smart, forward-thinking investment in the future of Rockland,” said Mayor Penny York. “By creating affordable and workforce housing, we will not only provide homes for our residents but also attract private investment, stimulate local businesses, and strengthen the city’s tax base and economy overall. This bond is an essential tool to ensure Rockland remains a vibrant and thriving community.”
The housing task force, made up of housing experts and community leaders, is assisting the city on the development of a housing plan and incentives and policies that support the creation and rehabilitation of affordable and workforce housing in Rockland. With housing costs continuing to rise and many local workers struggling to find affordable places to live, the need for action is clear. The bond will enable the city to fund capital projects that provide sustainable housing options for working families, teachers, healthcare professionals, individuals and other essential workers.
“The Plan is to include affordability guarantees through deed restrictions that run with the properties,” commented Rockland City Manager Tom Luttrell. “The goal is to keep these properties affordable for many years to come.”
The $10 Million bond would give Rockland the flexibility to borrow the money as it is needed, spreading out the budgetary impact over time. As new housing is created, tax revenue would ensure the impact remains neutral. With state and federal housing funding becoming increasingly competitive and limited, this would allow the city to fill the gap in creating new affordable and workforce housing, and allows the city to repurpose the funds 20 years into the future. New housing construction will not only alleviate housing pressures but will also create local jobs and generate revenue through increases in taxable property—all contributing to the city’s economic stability.
“Investing in housing is an investment in community. We see the possibility with this bond of creating enough rental units and single-family homes to seriously reduce the affordable housing gap in our city,” Luttrell said. “This could have a major impact on making Rockland a stronger, more resilient city, making the city even more attractive to prospective families and workers seeking to relocate, and enabling existing Rockland residents to stay in the city.”
The City Council is expected to vote on whether to put the Bond ordinance on the June municipal ballot at the Monday, March 10 meeting of the City council. The meeting will take place at City Hall, 270 Pleasant Street in Rockland, beginning at 5:30pm. The public is encouraged to attend.
