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LAHD proposes third round of Fast Track loans to help finish affordable housing projects; council asks for clearer accounting
Summary
The Los Angeles Housing Department sought committee approval to modify funding tables and authorize a third Fast Track Solutions loan round to provide supplemental loans to nearly finished affordable housing projects; council members pressed LAHD for clearer totals on prior rounds and asked to be notified of awards and per-unit cost changes.
The Los Angeles Housing Department asked the committee on May 14 to move forward a third round of its Fast Track Solutions loan program, designed to provide supplemental loans to affordable housing developments dealing with post‑construction cost increases and disputes that threaten project completion.
Tim Elliott and LAHD staff proposed adjustments to the funding table and to specific recommendation amounts (including figures read into the record as $1,489,897 and $790,651 for particular allocations) and asked the committee to strike language in the report that had limited the total to $15 million. LAHD said $17.05 million (as stated in committee remarks) is available for the proposed third round, to be used in addition to funds approved in earlier rounds.
Council members pressed LAHD for clearer accounting of prior rounds. LAHD initially said the first two rounds totaled about $28 million; the Chief Legislative Analyst's office representative (Dora Huerta) reported that the report lists $44.6 million for rounds one and two. With the proposed $17 million here, CLA staff said the cumulative total would be close to $62 million. Council members expressed concern that those sums divert money from funds intended for new construction (SB 2 and linkage fees) and asked for a requirement that LAHD notify the council district office when awards are made and provide updated per‑unit cost figures.
LAHD described program criteria: applicants must demonstrate they exhausted mitigation options, defer at least half their developer fee, and show why supplemental funds are necessary to finish a project. Past awards supported 19 projects and roughly 1,402 units across earlier rounds, LAHD said.
Committee members approved the LAHD recommendations as amended and requested that LAHD notify council district offices upon award and report new total per‑unit costs for projects receiving Fast Track funds.
