![]() LACAHSA will “advance equity and prevent homelessness at the scale of the problem, helping people stay housed through countywide programs including eviction protection and rental assistance, and scaling up the preservation and production of affordable housing,” officials said. One affordable housing pilot, for example, will unlock a tax-emption tool that would enable developers to tap into one single private loan -bypassing the often “complex” public financing and tax credit models that make housing develop in the county so slow and expensive.Ĭounty officials said the pilot would correct a “key failure” of the affordable housing financing system, which is the costly and slow “capital stack process” that may force developers to assemble multiple public loans and tax credits over many years - driving up costs. MORE AFFORDABLE HOUSING: LA Mayor Bass’ plan to fast-track affordable housing OK’d by Planning Commission “The award is like rocket fuel to help get us off the ground and make the first projects possible to accelerate how we produce and preserve affordable homes and prevent people from falling into homelessness.” “LACAHSA is our first-ever regional approach to making housing more affordable across the whole county,” Mitchell said. “This is such a big moment, a new era toward making housing more affordable for all of us,” Supervisor Holly Mitchell, who began her term this year as LACAHSA’s first board chair, said in a statement.Īccording to Mitchell, there’s a frustration among county leaders with how “difficult and expensive” it is to break the logjam in the housing crisis. The funds will help the agency establish a plan to guide operations, attract private investment capital and prevent homelessness in the process. County Affordable Housing Solutions Agency received the grant from the Southern California Association of Governments. ![]() ![]() LOS ANGELES - A new county agency aimed at addressing the homelessness crisis received a $660,000 grant to develop and launch a plan to ramp up how affordable housing is built, officials announced Thursday.
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