The former chief financial officer for a downtown Los Angeles-based affordable housing developer is set to be arraigned Friday on a federal charge of taking advantage of funds allocated to assist the homeless.
Cody Holmes, 31, of Beverly Hills, faces a mail fraud charge allegedly linked to millions of dollars in grant money paid by the state to Shangri-La Industries — where Holmes was CFO — for the purchase, construction and operation of homeless housing in Thousand Oaks, in Ventura County.
According to the complaint, the state paid $25.9 million in funds from Homekey — a California program that aims to convert properties such as motels into affordable housing — to Shangri-La. Holmes allegedly submitted fake bank records to the California Department of Housing and Community Development to prove the developer could complete the projects for which it had applied for grants, according to the U.S. Attorney’s Office…