$6.7 Million Approved for Affordable Housing
The Los Angeles Community Redevelopment Agency on Thursday approved spending $6.7 million to develop 272 units of affordable rental housing citywide, including a number of units for large families.
The CRA will provide loans to five nonprofit developers to build six separate apartment complexes worth almost $34 million. Other funding will come from state, federal and private sources. The action is expected to receive City Council approval.
“The lack of affordable large family housing units in Los Angeles may be the most critical component of the city’s housing shortage,” CRA Administrator John Tuite said.
Apartments will be rented for $107 to $753 a month and will be built in El Sereno, West Los Angeles, Sun Valley, South-Central Los Angeles and two areas just west of downtown.
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