AUSTIN (KXAN) — Amid a competitive housing market and soaring home prices, some Austin officials are eyeing potential bond propositions to help increase the city’s affordable housing supply.

Officials with Austin Mayor Steve Adler’s office confirmed he is exploring a possible $500 million housing bond to expand affordable housing options. No formal proposals are in place and the tentative proposition is still early in its development process.

The floated idea comes as the Austin Board of Realtors reported the median home price in the Austin-Round Rock metro grew 31% between 2020 and 2021, with a median home price of $450,000. Alongside increased costs comes heightened demand: homes spent an average of 20 days on the market in 2021, a 56% decreased compared to 2020, ABoR officials said.

There is no timeline in place to consider the proposition, which, if presented and approved for inclusion on a future election ballot, would have to be approved by Austin voters before going into effect. Similarly, no formal review has yet been conducted on any possible impacts a proposed bond proposition would have on city property taxes.

Adler is currently serving in his eighth and final year as Austin’s mayor, and his mayoral seat is up for election in November.