New Orleans bond vote: What $510M would pay for
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New Orleanians will vote Nov. 15 on bond measures to fix roads, improve drainage and expand affordable housing.
Why it matters: The city needs major repairs but is already stretched thin financially.
The big picture: The bond propositions would let the city borrow up to $510 million for long-term capital projects.
- The money would go toward a long list of items and can't be reallocated to fix the city's current budget crisis, leaders say.
By the numbers: The city would have 30 years to pay off the loans through a dedicated property tax.
- The city says the existing millage rate would continue so it wouldn't increase bills for residents.
- The interest rate would be capped at 8%, but the exact rate won't be known until the bonds are issued.
- Here's a good explainer about what a bond is and how it works.
Flashback: Residents approved $500 million bonds in 2019 for infrastructure, housing and other capital projects.
- The money has been exhausted already, according to the nonpartisan Bureau of Governmental Research.
- Here's what the city told BGR it used the bonds on.
Items on the ballot
🚧 City infrastructure: Would allow the city to borrow $415 million for streets, buildings, parks and more.
- Plus, it would pay for essential service vehicles and software and tech upgrades.
- Some of the money will be used to renovate the Municipal Auditorium, Lincoln Beach and Lindy Boggs Hospital, while also extending the Lafitte Greenway, the city's flyer says.
⛈️ Drainage: Would raise $50 million for constructing, renovating and improving drainage and stormwater management systems and facilities.
- The city says projects include green infrastructure such as stormwater parks and neighborhood drainage studies to design future solutions.
🏡 Affordable housing: Would fund $45 million to construct, renovate, acquire and improve affordable housing facilities.
- The money would be managed through the city's new Housing Trust Fund.
- This is the most controversial proposal, with BGR and the Greater New Orleans Housing Alliance criticizing it due to the lack of details, according to The Times-Picayune.
Zoom out: See the city's full list of proposed projects.
What they're saying
- Mayor-elect Helena Moreno endorsed all three proposals.
- BGR voting recommendations
- Antigravity voter recs
When to vote
What's next: Early voting is open through Saturday.
- In-person is Nov. 15.
- See your sample ballot.
- Full election guide.