L.A. approves $466 million in affordable housing spending, the largest pool ever – Los Angeles Times

L.A. approves $466 million in affordable housing spending, the largest pool ever  Los Angeles Times

Los Angeles is set to go on an affordable housing spending spree. On Tuesday, the City Council unanimously approved $466.6 million in funding that will be doled out to developers, nonprofits, land trusts and other organizations to build and renovate affordable housing. The pool of money is the largest in the city housing department's history, topping last year's $387 million. Roughly 70% of the record budget will come from Measure ULA, the so-called mansion tax, which levies a 4% or 5.5% tax on L.A. property sales above $5.4 million. Accountability was top of mind during Tuesday's City Council meeting. The spending plan, which now awaits Mayor Karen Bass' approval, includes an amendment requiring the housing department to provide quarterly updates on where the money is going, as well as project timelines and any significant delays or challenges.

"We need to follow these dollars and make sure they're producing the affordable housing Angelenos deserve," Councilmember Imelda Padilla said at the meeting. The funding should be a boon for L.A. developers, many of whom have stopped building multifamily projects because it's hard to turn a profit — and many of whom blame Measure ULA for disincentivizing construction and decreasing the average sale price of multifamily units, which has dropped roughly 30% in L.A. County over the last five years. Applications for the