The Los County Board of Supervisors on Tuesday approved the allocation of more than $12 million for the City of Industry Funds program, giving a boost to 14 affordable-housing programs.
The county's latest allocation, combined with private funding sources, will provide about 800 affordable-housing units, including multifamily, senior and special-needs developments in Los Angeles, Duarte, Pasadena and other cities.
The money for the City of Industry Funds originates from tax revenue generated from that city's redevelopment areas and can be used for projects that fall within a 15-mile radius of the city of Industry. The distribution plan was adopted nearly five years ago by the Los Angeles Board of Supervisors and is administered by the County Community Development Commission. So far, the fund has allocated nearly $90 million -- which has leveraged an additional $480 million in private funding -- toward building more than 110 developments, including 4,700 units of affordable and special-needs housing.
-- Diane Wedner