Los Angeles City Council approves record $466.6 million for affordable housing
The City Council unanimously authorized a historic $466.6 million affordable-housing fund, largely financed by the Measure ULA mansion-tax.
In a unanimous decision, the Los Angeles City Council approved a record $466.6 million to support affordable-housing projects, exceeding last year’s $387 million budget. Approximately 70% of the funding comes from Measure ULA, a 4%-5.5% levy on property sales above $5.4 million. The pool will be distributed to developers, nonprofits, land trusts and other entities for building and renovating units, with applications opening Oct. 13 and closing Dec. 4; recipients will be announced in February.
An amendment requires the housing department to provide quarterly updates on expenditures, timelines and any significant delays. The proposal now moves to Mayor Karen Bass for final approval, while councilmembers stressed the need for accountability and the benefit to working families, seniors and people with disabilities.
Why it matters
It represents the largest public investment in Los Angeles affordable housing, potentially helping thousands of low-income residents.
In this story
