Mayor boosts housing fund to $100 million

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Mayor Antonio Villaraigosa plans to announce today that he will double the amount of money in a city fund devoted to increasing affordable housing in Los Angeles. Villaraigosa has tapped several city agencies to redirect $50 million to the Affordable Housing Trust Fund, bringing its total funding level to $100 million, a marker that local officials have long sought. “People said it could not be done, that this goal was unachievable,” Villaraigosa said in a prepared statement. “But today, we are making history as we address the housing crisis for our most vulnerable residents.” First created in 2000, the trust fund has mostly helped pay for development projects with affordable rental units, though some of it has also gone to promoting homeownership and providing emergency rental assistance. Some trust fund dollars also go toward preserving existing units at risk of being converted to market-rate housing. last_img

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