Parishwide Proposition No. 3 of 3
(Housing and Economic Development Millage)
In lieu of a separate millage previously approved by voters in the City of New Orleans ("City") in the amount of 2.50 mills to fund the Housing and Economic Development Trust Fund in the City ("Prior Tax"), shall the City be authorized to levy for twenty years, January 1, 2021 - December 31, 2040, special taxes of (a) 1.05 mills (estimated at $4,250,000 in the first year) to be used for the purpose of constructing, acquiring, improving, maintaining and operating affordable housing facilities and alleviating urban blight, and (b) 1.164 mills (estimated at $4,600,000 in the first year) to be used to support economic development activities in the City, provided that a portion of the monies collected shall be remitted to certain state and statewide retirement systems in the manner required by law?