Los Angeles City Council Approves $466M Affordable Housing Funding
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- Repetition
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New informationRepeats or wire copies
What happened
The Los Angeles City Council unanimously approved a $466.6 million funding round to support the construction and preservation of rental units in Los Angeles. This pool of money, the largest in the city housing department’s history, will be distributed to developers, nonprofits, and land trusts. The funding is largely backed by Measure ULA, a tax on property sales above $5.4 million, and the plan awaits approval from Mayor Karen Bass.
From latimes.com, mynewsla.com
Why it matters
The approval of this record funding round signals a major investment into the local housing market. The funding is intended to support new construction and renovation projects, which could provide a significant boost to the local development sector. The City Council also mandated that the housing department provide quarterly updates on spending and project timelines.
From latimes.com, mynewsla.com
Who's involved
- Los Angeles City CouncilGoverning body that approved the record affordable housing funding package.
- Imelda PadillaCouncilwoman who chaired the Housing Committee and noted the need for spending safeguards.
- Karen BassMayor whose approval is required for the approved funding plan.
- City of Los AngelesGovernment entity responsible for administering the housing initiatives and funding.
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The entities involved
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Los Angeles
seat of Los Angeles County, and largest city in California, United States
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Los Angeles City Council
governing body of the City of Los Angeles, CA, US
Related events
- Los Angeles city funding supports housing and job creation initiatives for youth.
- The LA City Council has encountered setbacks regarding the Mayor's housing directive, leading to the council needing to make streamlining permanent.
- Karen Bass intervened in local infrastructure projects in Los Angeles.
- A nonprofit organization based in Santa Monica serves the LA area, while the Mayor oversees city operations under subcommittee investigation into fund management.