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business23h ago
Hundreds of affordable housing units funded by new L.A. County agency
- LACAHSA approved just over $100 million for 10 projects to fund 554 affordable housing units.
- The funding aims to simplify the process by consolidating financing through a single agency.
- May will see another funding round as the agency expands its furnishings and approvals.
- Studies suggest consolidating funding can reduce costs, though benefits vary by project.
- LACAHSA was created through state legislation in 2022 and is funded by Measure A.
- Most funds will support brand-new units, with some conversions and deed restrictions.
- Project savings rose when funding relied primarily on LACAHSA.
- Long Beach Mayor Rex Richardson chairs the LACAHSA board and emphasizes financing support.
- The agency will require developers to break ground within 12 months for new funding rounds.
- Overall, the initiative demonstrates county efforts to address homelessness and housing costs.
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