Los Angeles City Council Approves Record $466.6 Million for Affordable Housing, Largest in City's History
The Los Angeles City Council has unanimously approved a record $466.6 million in funding dedicated to affordable housing initiatives. This substantial allocation, the largest in the city's housing department's history, will be distributed among developers, nonprofits, land trusts, and other organizations to facilitate the construction and renovation of affordable housing units. Approximately 70% of this budget is sourced from Measure ULA, also known as the 'mansion tax,' which imposes a 4% or 5.5% tax on property sales exceeding $5.4 million in Los Angeles. The spending plan, which awaits Mayor Karen Bass’ approval, includes a crucial amendment requiring the housing department to provide quarterly updates on fund utilization, project timelines, and any significant challenges or delays encountered. This measure aims to ensure accountability and transparency in the deployment of these funds. Applications for these funds are scheduled to open on October 13 and close on December 4, with recipient announcements...
