City Council Work Session
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Consideration for remote participation by Councilmember Amos pursuant to Code of Virginia Sec. 2.2-3708.2
0:25Mark Lightdid that under current tax situations that would bring in about four hundred seventeen thousand four hundred seventy nine dollars per year if you took the transit transient occupancy tax if that is increased but if you took two percent that that tax that would bring in 250,000 a year. So that would be a total of 667,479. Uh, and this is not saying a tax increase of a half a penny is simply saying, take a half a penny of the tax rate and it would go to a housing trust fund. Uh, when you look at the, how that could be allocated, it gives the ability to allocate that, uh, for affordable housing development, rehabilitation rent relief programs and an affordable housing development you could have 27 units based on a beacon landing example and if we looked at rent
Catherine ReadAnd then 700,000 was disbursed for Beacon Landing.
Mark LightCorrect. 700,000 went to Beacon Landing, and then the 542 is what is left, is my understanding.
Stacy Halland you know the the funds that were used to go to beacon landing that that's also helping an entirely different demographic than where the other funds came from and what other housing was taken away in order to make that contribution so I'm not saying it needs to be you know apples to apples but just understanding what the goals are so answers are yes and yes but not that easy. Thank you.