Los Angeles Mayor Karen Bass and City Councilmember Ysabel Jurado called Thursday for allotting more than $360 million to developers and nonprofits building and preserving affordable housing projects. <\/p>\n
The appropriation, which requires City Council approval, would fund 80 projects, with construction of 1,528 new units and repairs to more than 2,500 affordable units in need of work. <\/p>\n
\u201cThis investment of $360 million is to build, preserve and enhance affordable housing across Los Angeles,\u201d Jurado said at a news conference in Boyle Heights. \u201cThat means more affordable housing built in our neighborhoods, more existing housing preserved so families aren\u2019t pushed out.\u201d<\/p>\n
The funding for the projects comes largely from the city\u2019s United to House L.A. tax \u2014 also called the \u201cmansion tax<\/a>\u201d \u2014 which imposes a 4% tax on property sales between $5.3 million and $10.6 million and a 5.5% on housing sales above that. <\/p>\n The city announced<\/a> the opening of applications for the project in September and the Los Angeles Housing Department on Monday released a report to the City Council detailing exactly which projects would be receiving funding \u2014 and how much.<\/p>\n Since it passed in 2022, the ULA tax has raised more than $1.1 billion in revenue through more than 1,500 real estate transactions, but much of the funding had remained untouched partially due to fears the tax could be overturned<\/a> in court.<\/p>\n The city passed a $150-million<\/a> spending plan for ULA dollars in 2023 and another $425 million<\/a> in 2025.<\/p>\n The city disbursements detailed in the housing department\u2019s report include $44 million toward a 100-unit housing project near Crypto.com Arena. <\/p>\n \u201cThis is Measure ULA in action, turning the will of the voters into real solutions for our communities,\u201d said Jurado, who chairs the council\u2019s recently created Ad-Hoc Committee on Measure ULA.<\/p>\n The committee is considering changes to the law, which many in the real estate industry believe has chilled development in the city<\/a>.<\/p>\n