Los Angeles: City Council Approves Measure to Fund New Affordable Housing Units

Los Angeles City Council Approves Measure to Fund New Affordable Housing UnitsLos Angeles City Council Approves Measure to Fund New Affordable Housing Units In a significant step to address the city’s severe housing crisis, the Los Angeles City Council has unanimously approved a measure to allocate $1.2 billion for the construction of new affordable housing units. This funding will create an estimated 15,000 affordable homes for low-income families and individuals. The measure, known as Proposition HHH, was passed by Los Angeles voters in November 2016. It authorized the city to issue bonds to raise the necessary funds for affordable housing development. “This is a historic day for Los Angeles,” said Mayor Eric Garcetti. “With this funding, we will be able to build thousands of new affordable units and help break the cycle of poverty that has plagued our city for far too long.” The funding will be used to provide subsidies for affordable housing projects, including rental units, homeownership opportunities, and supportive housing for the homeless. The city will prioritize projects that serve extremely low-income households, as well as families with children and seniors. The affordable housing crisis in Los Angeles is a major problem. According to the Los Angeles Homeless Services Authority, there are over 58,000 unhoused people in the county. Additionally, hundreds of thousands of low-income families are struggling to afford rent and are at risk of displacement. The approval of Proposition HHH funding is a significant step towards addressing this crisis. The new affordable units will provide much-needed relief for low-income residents and help to stabilize communities. The city will now begin the process of implementing Proposition HHH. The Department of Housing and Community Development will oversee the allocation of funds and the development of new housing units. “We are committed to ensuring that this funding is used effectively and efficiently to create quality affordable housing for our residents,” said Councilman Curren Price, chair of the Housing Committee. The funding will be released over the next 10 years. The city expects to break ground on new affordable housing projects within the next six months.