Los Angeles City Council approves more housing loan funds

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Los Angeles officials approved Tuesday about $231 million for 34 new housing projects, with additional $120 million slated for pre-existing housing proposals. Altogether, the new developments are expected to create about 1,000 new units for Angelenos.

The newly approved funds will come from 2016’s Proposition HHH housing bond measure. This will be the last funding package to come from the $1.2 billion fund aimed at combating homelessness, which has allowed the City Council to fund about 8,600 of its goal of 10,000 permanent supportive housing units by 2026.

“I’m very proud, and I think we’re going to see a lot of successful examples moving forward… in how we can get people housed more quickly and more cheaply, which is what this is all about,” said City Councilman Mitch O’Farrell, who chairs the council’s Homeless and Poverty Committee.

The Prop HHH Citizens Oversight Committee approved the recommendations unanimously in August.

The average cost of each unit this round was estimated to be about $502,000, with the most expensive estimated at more than $686,000. The average subsidy the city is loaning per unit is about $140,000. City Controller Ron Galperin recently criticized the per-unit costs of housing projects, saying some cost more than the average condominium in the Los Angeles area.

During Tuesday’s meeting, Councilman Bob Blumenfield reiterated statements he made in a letter last month to the Housing and Poverty Committee, saying he wished more funding had been approved for units in his northwest San Fernando Valley district.

“In the west valley, we are begging for developers to come in and provide supportive housing,” he said.

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