Los Angeles approves record $466 million for affordable housing

The Los Angeles City Council has unanimously approved $466.6 million in funding to support the construction and preservation of affordable rental units. This represents the largest pool of money in the history of the city’s housing department, surpassing the $387 million allocated last year.

Approximately 70% of the record budget is sourced from Measure ULA, a tax on property sales exceeding $5.4 million. The funding is intended for developers, nonprofits, and land trusts. To ensure accountability, the council included an amendment requiring the housing department to provide quarterly updates regarding fund allocation, project timelines, and any significant challenges or delays.

The city will release a notice of funding availability on October 13, with applications closing on December 4. Following a scoring and selection period, the city expects to announce recipients in February and review awards by April 2027. The initiative is part of the ‘Homes for LA’ program, which aims to align city funding with local housing needs.