The majority of the money – $ 316 million – comes from ULA measure, a transfer tax on the sale of real estate above $ 5 million that voters approved in 2022.
Another $ 71 million comes from national and federal sources.
‘Mansion Tax’
Size ULA – sometimes called the “mansion tax” – has drawn both support and criticism.
Opponents claim that commercial development slows down and reduces the sale of real estate. Proponents say that it offers the city a crucial tool to tackle housing shortages and homelessness.
The levy has raised more than $ 784 million in 2½ years, although many of them did not -spoken in the midst of judicial challenges.
After those efforts failed, the city approved an ULA expenditure plan of $ 150 million in 2024 and another $ 425 million plan in July.
According to leaders, previous financing rounds usually amounted to between $ 50 million and $ 75 million. The new range of $ 387 million is reportedly intended to become a regular event.
Division
Los Angeles also changes how the money assigns.
In previous years, financing was granted on the basis of the number of units in a project. This year prices will be linked to a percentage of development costs – with higher amounts available.
Los Angeles Housing Department General Manager Tiena Johnson Hall said The Times that the new approach gives the city flexibility to better calibrate financing amounts to help developers cover the fluctuating costs of projects
Eligible categories include multi -family homes, affordable home retention and adaptive reuse projects such as converting commercial buildings into homes.
#Los #Angeles #Mansion #Tax #Fuels #Record #Affordable #home #financing