Mayor Garcetti Announces $64.6 Million For Sustainable Affordable Housing Development
State Cap-and-Trade Funding includes $12 million in financing for Jordan Downs redevelopment as well as critical transportation improvements
The City of Los Angeles has been awarded nearly $65 million in cap-and-trade funding from the State to develop environmentally sustainable affordable housing and make critical transportation improvements, Mayor Eric Garcetti announced on October 12th 2016.
The grants come from California’s new Affordable Housing and Sustainable Communities (AHSC) program, overseen by the California Strategic Growth Council (SGC) — a committee formed by the Legislature to advance local community revitalization efforts.
The $64.6 million awarded to Los Angeles is the largest allocation to any city in California, and follows Mayor Garcetti’s successful advocacy in 2015 to lift the cap on such awards from $15 million.
The new funding will provide gap financing for four permanent supportive housing developments for formerly homeless Angelenos, totaling 348 units, and additional two affordable developments, totaling 205 units for low-income Angelenos.
“Affordable housing development can be about more than building four walls and a roof for people who need them, it can also give everyone — regardless of income — a chance to be part of L.A.’s green, connected future,” said Mayor Garcetti. “Smart design helps us to cut down on greenhouse gas emissions by linking communities to more transportation options. This is transformative work, and I applaud the Strategic Growth Council on its vision.”
Over the last two years, the City has received nearly $100 million from this innovative program, which supports housing and transportation projects that reduce greenhouse gas emissions through mixed-use designs that encourage walking, bicycling, and the use of mass transit.
The long-awaited Jordan Downs redevelopment project was awarded $12 million for its first phase of construction. This grant provides $2 million for the extension of Century Boulevard through the Jordan Downs site in Watts, creating a complete street with wide sidewalks, bike lanes, shade trees, and a re-routed bus line to improve connectivity to the Metro Blue line. It also provides approximately $10 million to finance 135 units in the first phase of construction.
“This nearly $12 million grant provides needed financing during a critical time for the Jordan Downs redevelopment project,” said Douglas Guthrie, President and CEO of the Housing Authority of the City of Los Angeles. “The site is being prepared for development, Century Blvd extension is on schedule and the residents have a renewed sense of hope. The award demonstrates this agency’s commitment to leveraging all available opportunities to ensure that we can continue to make progress with the project. The funding will be utilized toward the construction of the initial residential units.”
“We are delighted to receive over $64.6 million in AHSC funding, which will enable the City of Los Angeles to create nearly 553 new units of affordable housing for low-income families and homeless individuals and reduce over 93,000 metric tons in GHG emissions,” said Rushmore Cervantes, General Manager of the Housing and Community Investment Development of the City of Los Angeles. “This award is also a testament to the remarkable collaboration of the City, the development community, and technical assistance providers to secure funding to meet the Mayor’s vision for a more sustainable and livable city for generations to come.”
This successful round of funding is due to the high capacity of the City’s affordable housing partners, the leadership of the Housing and Community Investment Department of Los Angeles (HCIDLA), and technical assistance provided by Enterprise Community Partners, Inc. The Mayor’s Office will continue working to ensure that Los Angeles receives its fair share of state funding, partnering closely with the Department of Transportation, the Bureau of Engineering, and the Office of the Chief Legislative Analyst.