Housing Bond Measure to Go on November Ballot
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The Los Angeles City Council on Tuesday voted 13 to 1 to place a $100-million bond measure on the November ballot to rehabilitate seismically unsafe buildings, shelter the homeless and preserve existing affordable housing.
Most of the money would be used to give nonprofit housing firms low-interest loans to buy and fix buildings. As a condition of the loan, rents for the units would be controlled to continue to make them affordable to low- and moderate-income residents for 55 years, even if ownership changes.
The measure would set aside $10 million to build and rehabilitate shelters and transitional housing for the homeless, and another $10 million to assist first-time, low-income home buyers.
The bond measure, which would require two-thirds voter approval, would be repaid over 20 years through a property tax surcharge averaging $7.75 a990 year for each single-family home.
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