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| Largest award for affordable housing projects in Los Angeles Committed to increasing the supply of affordable housing in the City of Los Angeles, Mayor Antonio R. Villaraigosa awarded $50.6 million from the City’s Affordable Housing Trust Fund to 14 projects. The $50.6 million-round of funding will help build 687 affordable housing units and is the largest amount committed at one time in the City’s history. Since each dollar awarded from the trust fund leverages $3.10 more in state and private funds, the approval represents more than a $200 million investment in the City’s affordable housing supply. In 2003, the Los Angeles Housing Department released its first Notice of Funding Available (NOFA) under the Affordable Housing Trust Fund. Its first year budget was $42 million. Since then, the Trust Fund has provided more than $169 million and leveraged an additional $686 million for affordable housing. In October 2005, Mayor Villaraigosa announced a plan to fund the Trust Fund with an additional $50 million, bringing its total funding to $100 million for the first time in the City’s history. At the current rate of financing, the Trust Fund will have provided and leveraged more than $1 billion by the end of 2006. write your comments about the article :: © 2006 Construction News :: home page |