$10-million boost to housing
The Los Angeles County Board of Supervisors on Tuesday approved the allocation of more than $10 million for the City of Industry Funds program, giving a boost to nine affordable-housing programs.
The county’s latest allocation, in conjunction with private and public funding sources, will provide more than $130 million for a total of 576 housing units.
They include three multifamily rental developments in Los Angeles and one in Glendale; three special-needs developments in Los Angeles and one near Compton; and one senior-housing development in Bell Gardens.
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 seven years ago by the Board of Supervisors and is administered by the Community Development Commission, which serves as the county’s housing authority.
So far, the fund has allocated more than $125 million, which has leveraged an additional $807 million in private and public funding, toward building more than 6,453 units of affordable and special-needs housing. For information, visit www.lacdc.org.
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