Karen Bass seeks council approval of $360-million allocation for affordable housing
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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.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.
“This investment of $360 million is to build, preserve and enhance affordable housing across Los Angeles,” Jurado said at a news conference in Boyle Heights.“That means more affordable housing built in our neighborhoods, more existing housing preserved so families aren’t pushed out.”The funding for the projects comes largely from the city’s United to House L.A.
tax — also called the “mansion tax” — 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.The city announced 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 — and how much.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 in court.The city passed a $150-million spending plan for ULA dollars in 2023 and another $425 million in 2025.The city disbursements detailed in the housing department’s report include $44 million toward a 100-unit housing project near Crypto.com Arena.
“This is Measure ULA in action, turning the will of the voters into real solutions for our communities,” said Jurado, who chairs the council’s recently created Ad-Hoc Committee on Measure ULA.The committee is considering changes to the law, which many i...