CINCINNATI — Cincinnati residents will get to vote today on whether or not to approve an amendment that would raise earned income tax to benefit affordable housing.
Issue 24 specifically is asking voters whether or not they would like to amend the city charter to raise earned income tax from 1.8% to 2.1%, which is where it was prior to its reduction in 2019 as part of Hamilton County's transit and infrastructure levy.
The charter amendment was proposed by Cincinnati Action For Housing Now, which is made up of multiple groups, including Over-the-Rhine Community Housing, the Greater Cincinnati Homeless Coalition, the ACLU of Ohio and more.
The increase would generate between $40 million and $50 million in funds that would help finance affordable housing.
If the amendment would pass, this extra funding would be used to build new affordable housing, maintenance for current affordable housing units as well as funding toward services that help those in affordable housing.
Ballot language specifies that 65% of spending must be allocated to those making at or below 30% average median income (AMI), and up to 30% of funding would be put toward housing for those making 50% AMI. It also says that the funding could be used for financial assistance to existing homeowners whose income is up to 80% AMI.
According to the Cincinnati Action for Housing Now, this funding will allow a two-bedroom apartment to cost no more than $1,075 per month, and most will cost $645 per month or less.
So far, multiple organizations and groups have announced both support and opposition of the amendment.
Some of those in support of Issue 24 are the ACLU of Ohio and Greater Cincinnati Homeless Coalition. Those in opposition include the Cincinnati USA Regional Chamber, the Hamilton County Democratic Party and the Hamilton County Republican Party.
Cincinnati City Council members have also voiced their opposition of the amendment, with many being reluctant to raise taxes. Instead, council members have voiced that the city has multiple other efforts to create affordable housing, including the city's affordable housing trust fund. That trust fund is overseen by the nonprofit Cincinnati Development Fund.
That trust fund does have different criteria though, with the trust fund process allowing money to go toward projects with high rent costs at 100% AMI, which is up to $1,000 for a studio apartment.
To see exactly what Issue 24 will appear like on your ballot, click here.
