The ballot includes three separate proposals: $280 million for transportation improvements, $125 million for affordable housing and $20 million for neighborhood projects. If approved, the city would sell bonds to investors and repay them, with interest, using public funds.

Mayor Robert Harrington said issuing bonds lets Charlotte begin improvements sooner than it could by waiting for enough money to accumulate. He cited the city’s high bond rating as an advantage in borrowing.

The housing proposal is intended to support developers who build affordable homes and provide rent assistance, Harrington said. He cautioned voters not to expect the funding to reduce rents for people already in housing. Instead, he said, the goal is to add affordable units and help ease a housing crunch in a city he said is gaining about 140 residents a day.

Harrington said the city does not plan to raise taxes to repay the bonds. He said transportation borrowing would be supported by revenue from a penny sales tax approved last year, while housing and neighborhood bond payments would be planned within the existing budget.

That is the city’s stated repayment plan; the bonds would nonetheless add debt that must be repaid with interest. Voters will decide whether to authorize the borrowing on Election Day, Tuesday, Nov. 3.