LOS ANGELES – The city is preparing to open applications for nearly $500 million in affordable-housing funding – a high-stakes test of whether City Hall can finally convert Measure ULA revenue into housing projects.
The City Council voted 13-0 Tuesday to approve a plan authorizing the Los Angeles Housing Department, subject to mayoral approval, to release the Homes for LA Round 2 regulations and open the $466.6 million funding round.
Developers and nonprofit housing providers will be able to apply beginning Oct. 13 for money to build affordable apartments, preserve existing low-income housing and stabilize financially troubled properties. Project awards will return to the council and mayor for approval next year…