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LA City Council approves $466.6 million affordable housing NOFA
The funding is backed largely by Measure ULA, the “mansion tax” enacted in 2022, and would be distributed through grants and loans to developers, nonprofits, and land trusts.
The Los Angeles City Council voted unanimously to approve a Notice of Funding Availability backed by $466.6 million to build and renovate affordable housing, according to ConnectCRE.
The outlet said the plan is pending approval by Mayor Karen Bass and would distribute the money as grants and loans to developers, nonprofits, and land trusts.
ConnectCRE also noted that the funding comes largely from Measure ULA, the “mansion tax” enacted in 2022, and that the NOFA would mark a second round of the Homes for LA initiative.
The first round of Homes for LA, ConnectCRE said, awarded nearly $361 million in grants in April to support 5,241 affordable units across 80 projects.