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

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Set us as preferred 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 multi-family 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 multi-family units, which has dropped roughly 30% in L.A.

County over the last five years.Applications for the funds open Oct.13 and close Dec.

4.The housing department will announce the recipients in February.

Last year, the city awarded $360.9 million to 80 projects that promise the construction of 1,288 new affordable units and the preservation of 3,713 units, mostly clustered around downtown L.A., South L.A.and Koreatown, with several others in San Pedro and the San Fernando Valley.Not all the money from last year was allocated; roughly $30 m...