At current occupancy tax collection rates, the new policy would add $1.5 million in 2025 to support the development of new housing. Last year, the Legislature approved the County Executive's proposal to create a $15 million Housing Action Fund to support housing projects that are affordable and meet energy and sustainability standards, and the first round of awards is expected to be announced next month.
Dedicating a portion of annual revenues to the Housing Action Fund ensures a sustained investment in the coming years to help relieve the housing affordability crisis. In addition to housing, the new policy would commit, at current tax collection rates, approximately $1.5 million of occupancy tax revenues to public transportation and another $630,000 for tourism.