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LA to invest $360M in affordable housing
The money is from Measure ULA, a voter-backed tax to fund over 4,000 affordable housing units.
LOS ANGELES - A Los Angeles City Council committee took a significant step Friday toward addressing the city's housing crisis, greenlighting hundreds of millions in funding for affordable developments.
The move seeks to fulfill the mandate of Measure ULA, the voter-approved "mansion tax" intended to curb homelessness through real estate levies.
What we know:
The Ad Hoc Committee on Measure United to House LA unanimously recommended the allocation of $360 million to support 80 housing projects.
This funding, derived from a tax on real estate sales exceeding $5.3 million, is projected to create or preserve more than 4,000 units.
Council District 14, represented by Committee Chair Ysabel Jurado, is slated to receive the bulk of the investment, with 1,700 units planned across 25 projects.
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Additionally, $14 million has been carved out for the Emergency Income Support Program, offering up to $19,000 in aid to vulnerable low-income renters.
What we don't know:
The fate of several proposed changes to the measure remains uncertain, including recommendations to exempt new construction projects from the tax to avoid stifling development.
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While the tax has generated $1 billion in revenue as of January, it is unclear how much of that total remains frozen or unallocated due to pending litigation and administrative delays.
What they're saying:
Councilwoman Ysabel Jurado praised the committee's decision, stating, "Today's action moves this historic investment one step closer to delivering housing solutions for Angelenos. I'm focused on moving these Measure ULA dollars from promise to progress."
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Critics like the Howard Jarvis Taxpayers Association argue the measure overreaches; the group recently filed signatures for a statewide ballot measure to overturn similar tax structures.
What's next:
The funding recommendation now moves to the full City Council for a final vote.
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Meanwhile, city officials are weighing a housing department report that suggests altering ULA rules to protect other funding sources. Any significant changes to the measure’s structure are expected to appear on the November ballot for voter approval.
What you can do:
Low-income renters living with seniors or people with disabilities may be eligible for the ULA Emergency Income Support Program.
Applications for up to $19,000 in assistance must be submitted by the April 30 deadline. Interested residents can find more information and apply at cifd.forwardplatform.com.
The Source: This report is based on information provided by the Los Angeles Ad Hoc Committee on Measure United to House L.A. and Chairwoman Ysabel Jurado.